2 Min Read
(Reuters) - Pioneer Natural Resources Co is nearing a deal to acquire oil producer DoublePoint Energy for more than $6 billion in cash and stock and expand its footprint in the Permian Basin, people familiar with the matter said on Thursday.
It would be Pioneer’s second significant acquisition in just over six months, after announcing in October it would buy Parsley Energy for $4.5 billion.
U.S. shale companies are on the hunt for acquisitions again, as they position themselves for the recovery in oil prices, with the value of U.S. crude rising 60% in the last six months. Consolidation allows them to cut costs so they can spend more on drilling and return cash to shareholders.
Colorado oil company selling West Texas joint venture to Pioneer Natural Resources in $6 4B deal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Pinnacle Midstream II to Build New Permian Gas Gathering System Anchored by DoublePoint
In addition to supporting the extensive multiwell pad development taking place in the Midland Basin, Pinnacle Midstream II said the gas gathering system, named Pinnacle Dos Picos, was designed with expansion in mind.
Hart Energy Staff
Thu, 12/17/2020 - 02:30 PM
Formed in early 2019, Pinnacle Midstream II is pursuing midstream opportunities across the Lower 48 with an initial focus on the Permian Basin and Eagle Ford Shale.
(Source: Pinnacle Mistream LLC) Your browser does not support the audio element.
Pinnacle Midstream II LLC recently unveiled plans to build a new natural gas gathering and compression system in the Midland Basin, which the Houston-based independent midstream company said is anchored by an agreement with DoublePoint Energy LLC.