- Tight Gas & Oil
- Gas Hydrates
Since November, Pioneer Natural Resources (PXD) has been aiming to sell its Eagle Ford Shale Midstream (EFS) business and shift the proceeds to the Permian Basin.
On June 1, the wait ended as Enterprise Products Partners LP (EPD) agreed to buy the midstream assets for $2.15 billion with roughly half going to Pioneer. The company has said that after the sale it would put its chips on the Permian, adding two horizontal rigs per month from July through the first quarter of 2016.
Under the terms of the transaction, Enterprise will pay in two installments, the first $1.15 billion at closing and the second, $1 billion, within a year. The price tag pays for Pioneer’s 50.1% interest in the business and the 49.9% share owned by Reliance Holding USA Inc., a subsidiary of India-based Reliance Industries Ltd.
The industry can benefit quickly by approaching Big Data from the place of maximizing value by minimizing complexity.
Investments in infrastructure, data collection and obtaining the right acreage early on have helped Laredo secure ‘tremendous savings’ in the Permian Basin.
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