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David Blackmon April 30, 2019

Pioneer Natural Resources (NYSE:PXD) announced on April 26 that it was engaged in advanced negotiations to sell the last remaining non-Permian Basin asset in its portfolio, a suite of joint venture properties in the Eagle Ford Shale region of Central Texas. If completed, the transaction to sell the properties to Ensign Natural Resources would complete Pioneer’s two-year transition from a nationwide producer to a pure Permian Basin play.

It’s fair to note that that fact will also have the effect of making the company a more attractive target for a buyout by a larger company in the coming months. With Chevron and Oxy battling to become the acquirer of major Permian producer Anadarko Petroleum, and other majors like Shell, BP and ExxonMobil looking to enlarge their own positions in the Permian region, the industry appears to be headed into a period of rapid consolidation. Read more…