Pioneer Natural Resources Co. (NYSE: PXD) has closed the previously announced sale of its assets in Hugoton Field in Kansas to Linn Energy LLC (NYSE: 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.
Both companies are based in Houston.
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