DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that the Company closed the previously announced sale of its assets in the Hugoton field in Kansas to Linn Energy, LLC (NASDAQ: LINE) for cash proceeds of $340 million, subject to normal closing adjustments. The assets being sold represent all of Pioneer’s interests in the field, including its producing oil and gas wells, its interest in the Satanta gas processing plant and other associated infrastructure. The transaction has an effective date of July 1, 2014.
The sale of Pioneer’s Hugoton assets is expected to result in a pretax noncash loss of approximately $20 million, which will be recorded in the third quarter of 2014. The financial and operating results related to Pioneer’s Hugoton activities for the third quarter of 2014 and all prior periods presented in future filings will be reflected as discontinued operations.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law.