Pioneer Natural Resources Company (PXD) reported the final details of the company’s joint venture with Reliance Industries in the Eagle Ford Shale.
Pioneer Natural Resources sold a 45% interest in 212,000 net acres in the Eagle Ford Shale for a total price of $1.15 billion, consisting of $266 million in cash, and a drilling carry of $879 million. Reliance Industries will pay 75% of all drilling costs until the $879 million is satisfied.
Pioneer Natural Resources will stay as the operator of the Eagle Ford Shale acreage, and Reliance Industries will also participate as a 49.9% partner to develop midstream assets.
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