Pioneer Natural Resources aims to divest Eagle Ford midstream operations
DALLAS -- Pioneer Natural Resources Company announced it is pursuing the divestment of its 50.1% share of the Eagle Ford Shale Midstream business.
Reliance Holding USA, Inc. owns the remaining 49.9% of EFS Midstream, and also plans to pursue the divestment of its share in a joint process with Pioneer.
Pioneer is the operator of EFS Midstream, which has 10 central gathering plants and approximately 460 miles of pipelines in South Texas.
The company said it has no plans to divest its upstream assets in the Eagle Ford, and that these actions will not affect Pioneer’s ability to export processed condensate.
“The sale of EFS Midstream would allow us to strategically redeploy capital to our core, oil-rich Spraberry/Wolfcamp assets in the Permian basin of West Texas, where we are successfully transforming the substantial resource potential we delineated in 2013 into strong production growth,” said Scott D. Sheffield, Pioneer’s Chairman and CEO.
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