{"id":470284,"date":"2021-04-01T20:18:31","date_gmt":"2021-04-02T00:18:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=470284"},"modified":"2021-04-01T20:18:31","modified_gmt":"2021-04-02T00:18:31","slug":"pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/","title":{"rendered":"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwmarginl1 { margin-left: 30px }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin<\/b><\/p>\n<p>DALLAS&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>Pioneer Natural Resources Company (NYSE:PXD)<\/b> (&#8220;Pioneer&#8221; or &#8220;the Company&#8221;) today announced that it has entered into a definitive purchase agreement to acquire the leasehold interests and related assets of DoublePoint Energy (DoublePoint) in a transaction valued at approximately $6.4 billion as of April 1, 2021, comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and the assumption of approximately $0.9 billion of debt and liabilities.\n<\/p>\n<p>\nScott D. Sheffield, Pioneer\u2019s CEO stated, \u201cDoublePoint has amassed an impressive, high quality footprint in the Midland Basin, comprised of tier one acreage adjacent to Pioneer\u2019s leading position. We are pleased with their decision to become long-term partners with Pioneer in a transaction that will complement our unmatched position in the core of the Permian Basin. Pioneer will incorporate these assets into our investment model, migrating the assets from significant production growth to a free cash flow model, moderating growth for the U.S. shale industry and generating significant value for our shareholders.\u201d\n<\/p>\n<p><b>Transaction Enhances Investment Framework<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Accretive to Key Financial Metrics<\/b> \u2013 Pioneer expects the transaction to be accretive on key financial metrics including cash flow and free cash flow per share, earnings per share and corporate returns during 2021 and beyond.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Increases Variable Dividend Outlook<\/b> \u2013 Consistent with Pioneer\u2019s priority of returning capital to shareholders, the accretive nature of this transaction to free cash flow leads to an increase in the expected per share variable dividend beginning in 2022 and beyond.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Unmatched Permian Scale<\/b> \u2013 This transaction represents a contiguous position of approximately 97,000 high quality net acres directly offsetting and overlapping Pioneer\u2019s existing footprint. The acquired acreage is primarily undrilled and augments Pioneer\u2019s premium asset base, increasing the Company\u2019s acreage position to greater than 1 million net acres with no exposure to federal lands. The Company expects production from the acquired assets to reach approximately 100,000 barrels of oil equivalent per day by late in the second quarter.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Significant Synergies<\/b> \u2013 The acquisition is expected to result in annual cost savings of approximately $175 million through operational efficiencies and reductions in general and administrative (G&amp;A) and interest expenses. The expected present value of these cost savings totals approximately $1 billion over a 10-year period.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b>Top-Tier Balance Sheet Maintained<\/b> \u2013 Pioneer\u2019s pro forma leverage metrics will remain relatively unchanged, among the lowest in the industry, preserving the Company\u2019s financial and operational flexibility and allowing for significant return of capital to shareholders.\n<\/li>\n<\/ul>\n<p>\nGeoffrey Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources at Apollo, commented, \u201cThe combination of Pioneer and DoublePoint is compelling from both a financial and operational standpoint and a natural fit for DoublePoint. This acquisition continues the trend of consolidation in the prolific Permian Basin, combining two complementary footprints in a transaction with both top- and bottom-line synergies.\u201d Dheeraj Verma, President of Quantum Energy Partners added, \u201cwe are firm believers in Pioneer\u2019s strategy of free cash flow generation, which enables a competitive base and strong variable dividend.\u201d\n<\/p>\n<p>\nCody Campbell and John Sellers, Co-CEO\u2019s of DoublePoint Energy said, \u201cWe are proud and appreciative of the work that our team has done to build a company and an asset base that is unparalleled in quality and truly cannot be replicated. We are honored to have the opportunity to combine our business with Pioneer, who we have long admired and regard as the premiere operator in the Midland Basin. The fit and the synergies are clear, and we look forward to working with Pioneer to continue creating value.\u201d\n<\/p>\n<p><b>Transaction Details<\/b><\/p>\n<p>\nPioneer will issue approximately 27.2 million shares of common stock in the transaction with an additional $1 billion of cash. After closing, existing Pioneer shareholders will own approximately 89% of the combined company and existing DoublePoint owners will own approximately 11% of the combined company. Pioneer plans to finance the cash portion of the purchase price through a combination of cash on-hand and existing borrowing capacity under its revolving credit facility.\n<\/p>\n<p>\nThe transaction has been unanimously approved Pioneer\u2019s Board of Directors and is expected to close in the second quarter of 2021, subject to customary closing conditions and regulatory approvals.\n<\/p>\n<p>\nThe transaction is structured as the acquisition by a Pioneer subsidiary of 100% of the limited liability company interests of DoublePoint\u2019s wholly owned subsidiary, Double Eagle III Midco 1 LLC.\n<\/p>\n<p><b>Webcast Discussion<\/b><\/p>\n<p>\nIn conjunction with this release, the Company posted a pre-recorded webcast and associated investor presentation to its website.\n<\/p>\n<p class=\"bwmarginl1\">\nTo view the webcast and associated presentation, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pxd.com&amp;esheet=52405843&amp;newsitemid=20210401005969&amp;lan=en-US&amp;anchor=www.pxd.com&amp;index=1&amp;md5=87409e2a6ac484c6ad157180e4ccb5fb\">www.pxd.com<\/a> &gt; Investors &gt; Earnings &amp; Webcasts.\n<\/p>\n<p class=\"bwmarginl1\">\nTo access the presentation slides, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pxd.com&amp;esheet=52405843&amp;newsitemid=20210401005969&amp;lan=en-US&amp;anchor=www.pxd.com&amp;index=2&amp;md5=6fb994dd89d94bedfcc0cb574d125bda\">www.pxd.com<\/a> &gt; Investors &gt; Investor Presentations.\n<\/p>\n<p>\nThe webcast will be archived on Pioneer\u2019s website and can be accessed <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fpioneernaturalresourcescompany.gcs-web.com%2Fearnings-webcasts&amp;esheet=52405843&amp;newsitemid=20210401005969&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=2b6bc2b6aeb04b3dbe781b821bad18d7\">here<\/a>. This replay will be available through April 27, 2021.\n<\/p>\n<p>\nPioneer 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\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.pxd.com%2F&amp;esheet=52405843&amp;newsitemid=20210401005969&amp;lan=en-US&amp;anchor=www.pxd.com&amp;index=4&amp;md5=81bb2dcb37fbe5b3a906da77cc4d3563\">www.pxd.com<\/a>.\n<\/p>\n<p>\nDoublePoint Energy is a Fort Worth, Texas based upstream oil and gas company, led by the Double Eagle management team in partnership with FourPoint Energy. DoublePoint is backed by equity commitments from Apollo Global Management, Inc. (NYSE: APO), Quantum Energy Partners, Magnetar Capital, and GSO Capital Partners, LP.\n<\/p>\n<p><b>Cautionary Statement Regarding Forward-Looking Information<\/b><\/p>\n<p><i>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\u2019s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, the risk that the companies\u2019 businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the proposed transaction may not be fully realized or may take longer to realize than expected; the diversion of management time on transaction-related issues; the effect of future regulatory or legislative actions on the companies or the industries in which they operate, including the risk of new restrictions with respect to development activities on the companies\u2019 assets; the risk that Pioneer\u2019s credit ratings may be different from what the Company expects; the risk that a party to the transaction may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or that required governmental and regulatory approvals may delay the proposed transaction or result in the imposition of conditions that could reduce the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; the risk that a condition to closing of the proposed transaction may not be satisfied; the length of time necessary to consummate the proposed transaction, which may be longer than anticipated for various reasons; potential liability resulting from pending or future litigation; changes in the general economic environment, or social or political conditions, that could affect the businesses; the potential impact of the announcement or consummation of the proposed transaction on relationships with customers, suppliers, competitors, management and other employees; the effect of this communication on Pioneer stock price; transaction costs; volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; competition; the ability to obtain environmental and other permits and the timing thereof; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel required to perform the companies\u2019 drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer&#8217;s ability to replace reserves; implement its business plans or complete its development activities as scheduled; access to and cost of capital; the financial strength of counterparties to Pioneer&#8217;s credit facility, investment instruments and derivative contracts and purchasers of the companies\u2019 oil, natural gas liquids and gas production; uncertainties about estimates of reserves; identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, cash flow, well costs, capital expenditures, rates of return, expenses, cash flow and cash flow from purchases and sales of oil and gas, net of firm transportation commitments; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; the risks associated with the ownership and operation of the Company&#8217;s oilfield services businesses and acts of war or terrorism. These and other risks are described in Pioneer&#8217;s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q filed thereafter and other filings with the United States Securities and Exchange Commission. In addition, the companies may be subject to currently unforeseen risks that may have a materially adverse effect on the combined company. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210401005969r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210401005969\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210401005969\/en\/<\/a><\/span><\/p>\n<p><b>Pioneer Natural Resources Company Contacts:<\/b><\/p>\n<p><b>Investors<br \/>\n<\/b><br \/>Neal Shah \u2013 972-969-3900<br \/>\n<br \/>Tom Fitter \u2013 972-969-1821<br \/>\n<br \/>Michael McNamara \u2013 972-969-3592<br \/>\n<br \/>Greg Wright \u2013 972-969-1770\n<\/p>\n<p><b>Media and Public Affairs<br \/>\n<\/b><br \/>Tadd Owens \u2013 972-969-5760\n<\/p>\n<p><b>KEYWORDS:<\/b> Texas United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Energy Other Energy Oil\/Gas<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210401005969\/en\/1019976\/3\/PioneerNaturalResources-Logo_Name-Only_Black%2BGreen.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin DALLAS&#8211;(BUSINESS WIRE)&#8211;Pioneer Natural Resources Company (NYSE:PXD) (&#8220;Pioneer&#8221; or &#8220;the Company&#8221;) today announced that it has entered into a definitive purchase agreement to acquire the leasehold interests and related assets of DoublePoint Energy (DoublePoint) in a transaction valued at approximately $6.4 billion as of April 1, 2021, comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and the assumption of approximately $0.9 billion of debt and liabilities. Scott D. Sheffield, Pioneer\u2019s CEO stated, \u201cDoublePoint has amassed an impressive, high quality footprint in the Midland Basin, comprised of tier one acreage adjacent to Pioneer\u2019s leading position. We are pleased with their decision to become &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-470284","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin DALLAS&#8211;(BUSINESS WIRE)&#8211;Pioneer Natural Resources Company (NYSE:PXD) (&#8220;Pioneer&#8221; or &#8220;the Company&#8221;) today announced that it has entered into a definitive purchase agreement to acquire the leasehold interests and related assets of DoublePoint Energy (DoublePoint) in a transaction valued at approximately $6.4 billion as of April 1, 2021, comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and the assumption of approximately $0.9 billion of debt and liabilities. Scott D. Sheffield, Pioneer\u2019s CEO stated, \u201cDoublePoint has amassed an impressive, high quality footprint in the Midland Basin, comprised of tier one acreage adjacent to Pioneer\u2019s leading position. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/","og_locale":"en_US","og_type":"article","og_title":"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin - Market Newsdesk","og_description":"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin DALLAS&#8211;(BUSINESS WIRE)&#8211;Pioneer Natural Resources Company (NYSE:PXD) (&#8220;Pioneer&#8221; or &#8220;the Company&#8221;) today announced that it has entered into a definitive purchase agreement to acquire the leasehold interests and related assets of DoublePoint Energy (DoublePoint) in a transaction valued at approximately $6.4 billion as of April 1, 2021, comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and the assumption of approximately $0.9 billion of debt and liabilities. Scott D. Sheffield, Pioneer\u2019s CEO stated, \u201cDoublePoint has amassed an impressive, high quality footprint in the Midland Basin, comprised of tier one acreage adjacent to Pioneer\u2019s leading position. We are pleased with their decision to become &hellip; Continue reading \"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-02T00:18:31+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210401005969r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin","datePublished":"2021-04-02T00:18:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/"},"wordCount":1613,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210401005969r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/pioneer-natural-resources-announces-bolt-on-acquisition-of-doublepoint-energy-in-the-midland-basin\/","name":"Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin - 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