Pioneer Natural Resources Co. agreed on April 1 to acquire the leasehold interests and related assets of DoublePoint Energy in a cash and stock transaction valued at approximately $6.4 billion, which includes the assumption of $900 million of debt and liabilities.
DoublePoint Energy is a Fort Worth, Texas-based upstream oil and gas company with a position in the Midland Basin covering roughly 97,000 net acres. The company was formed by Double Eagle Energy in 2018 through a partnership with FourPoint Energy LLC and is backed by equity commitments from Apollo Global Management Inc., Quantum Energy Partners, Magnetar Capital and GSO Capital Partners LP.
“DoublePoint has amassed an impressive, high quality footprint in the Midland Basin, comprised of tier one acreage adjacent to Pioneer’s leading position,” Pioneer CEO Scott D. Sheffield said in a statement. “We are pleased with their decision to become long-term partners with Pioneer in a transaction that will complement our unmatched position in the core of the Permian Basin.”