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Pioneer and Sinochem announce Wolfcamp tight oil JV

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Report summary

Pioneer Natural Resources has agreed to a US$1.7 billion farm out deal with Sinochem covering acreage prospective for the Wolfcamp Shale in the Permian. The Chinese conglomerate will pay an initial US$500 million in cash in addition to funding a US$1.2 billion cost carry agreement.Sinochem will acquire a 40% stake in 207 000 net acres in the southern Midland Basin. The Wolfcamp is an emerging play in this area. Although Pioneer has only drilled 39 wells to date the operator has ...

What's included

This report contains

  • Document

    Pioneer and Sinochem announce Wolfcamp tight oil JV

    PDF 700.00 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Sinochem acquired position; WoodMac modelling assumptions
  • Wood Mackenzie valuation price sensitivity

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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