Pioneer Grabs Carmeuse Fracking Sand Unit For $297M

Law360, New York (March 05, 2012, 12:30 PM ET) -- Pioneer Natural Resources Co. has purchased the U.S. fracturing sand business of Belgium-based Carmeuse Holding SA for $297 million to bolster increased shale gas exploration in Texas, Pioneer said Monday.

The cash deal for Carmeuse Industrial Sands is expected to close by the second quarter of 2012, Pioneer said.

Carmeuse’s Hickory sand is used as proppant for stimulating oil and gas wells during the process of fracturing, also called fracking. The company’s sand mine in Brady, Texas, is largest resource base for brown fracking sand in...
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