Pioneer Natural Resources Co. (NYSE: PXD) has agreed to sell 5,750,000 shares of its common stock in an underwritten public offering. Citigroup and BofA Merrill Lynch are acting as joint book-running managers and may offer the shares at prevailing market prices or otherwise from time to time through the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. The offering is expected to close on or about November 10, 2014.
The company expects to use the net proceeds from this offering for general corporate purposes, including continuing to develop its industry-leading position in the Spraberry/Wolfcamp play in West Texas and construction of front-end loaded infrastructure, which is expected to provide significant future cost savings and support for Pioneer’s long-term growth plans in the Spraberry/Wolfcamp play.
The offering is being made pursuant to an effective shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus.
The company is based in Dallas.
Recommended Reading
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-26 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
US Drillers Cut Most Oil Rigs in a Week Since November
2024-04-26 - The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.