V&E Reps Pioneer In $550M Alaska Subsidiary Sale

Law360, New York (October 25, 2013, 3:30 PM ET) -- Texas-based Pioneer Natural Resources Co. said Friday that it will sell its Alaska unit to privately-held Caelus Energy LLC for $550 million as part of its efforts to focus on its core oil assets in the Permian Basin of West Texas.

Pioneer's Alaska operations, which began in 2002, centers around the Oooguruk oil field on the state's North Slope. Net production from the company's Alaska unit was approximately 4,000 barrels of oil equivalent per day in the first nine months of 2013.

Pioneer Chairman and CEO...
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