Pioneer Natural Resources Company.

• Author: Gallion, Mari
• Position: INSIDE ALASKA BUSINESS - Merger with Caelus Energy Alaska, LLC - Brief article

Pioneer Natural Resources Company announced in November that the company entered into a purchase and sale agreement with Caelus Energy Alaska, LLC to sell 100 percent of the equity in Pioneer's subsidiary, Pioneer Natural Resources Alaska, Inc., for cash proceeds of $550 million, subject to normal closing adjustments.

The sale of Pioneer's Alaska subsidiary is expected to result in a noncash loss of approximately $350 million. The financial and operating results related to Pioneer's Alaska activities were reflected as discontinued operations for the quarter ending December 31, 2013. Net production from the Alaska subsidiary averaged approximately four thousand barrels oil equivalent per day over the first nine months of 2013.

Pioneer...