Pioneer Natural Resources

Pioneer Natural Resources sold a 40% stake in its 207,000 net lease acres in Texas’ Wolfcamp shale to Sinochem Group for USD 1.2 billion. Pioneer will remain the operator (60%) and will conduct all leasing, drilling, completion, operations, and marketing activities in the joint interest area. The companies plan to drill 86 horizontal wells this year, 120 next year, and 165 in 2015.