M&A Deal Summary

Pioneer Natural Resources Acquires Devon Energy - 28 000 Acres Midland Basin

On June 16, 2016, Pioneer Natural Resources acquired oil/gas exploration company Devon Energy - 28 000 Acres Midland Basin from Devon Energy for 435M USD

Acquisition Highlights
  • This is Pioneer Natural Resources’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Pioneer Natural Resources’ 3rd largest (disclosed) transaction.
  • This is Pioneer Natural Resources’ 2nd transaction in the United States.
  • This is Pioneer Natural Resources’ 1st transaction in Oklahoma.

M&A Deal Summary
Date 2016-06-16
Target Devon Energy - 28 000 Acres Midland Basin
Sector Oil/Gas Exploration
Buyer(s) Pioneer Natural Resources
Sellers(s) Devon Energy
Deal Type Divestiture
Deal Value 435M USD

Target

Devon Energy - 28 000 Acres Midland Basin

Oklahoma City, Oklahoma, United States
Devon Energy - 28,000 Acres Midland Basin acreage is located in Martin, Midland, Upton, Reagan, Glasscock, Andrews, Dawson, Gaines and Howard counties in Texas. Current net production is approximately 1,000 barrels of oil equivalent per day (BOEPD), with oil comprising approximately 70% of the production.

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Buyer(S) 1

Buyer

Pioneer Natural Resources

Irving, Texas, United States
Category Company
Founded 1997
Sector Oil/Gas Exploration
Employees2,076
Revenue 24.4B USD (2022)
DESCRIPTION
Entrance to Pioneer Natural Resources' corporate headquarters in Irving, Texas.
Entrance to Pioneer Natural Resources' corporate headquarters in Irving, Texas.

Pioneer Natural Resources is a large independent exploration and production company with a large position in the Permian Basin. Pioneer Natural Resources Company was formed through the 1997 merger of NGP Portfolio Company, MESA Inc., and Parker & Parsley Petroleum Company. Pioneer Natural Resources was founded in 1997 and is based in Irving, Texas.

DEAL STATS #
Overall 2 of 4
Sector (Oil/Gas Exploration) 1 of 3
Type (Divestiture) 1 of 1
State (Oklahoma) 1 of 1
Country (United States) 2 of 4
Year (2016) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-08 EFS Midstream

Irving, Texas, United States

EFS Midstream provides natural gas gathering, treating, compression and condensate processing services in the Eagle Ford Shale. The EFS Midstream system includes approximately 460 miles of natural gas gathering pipelines, 10 central gathering plants, 780 million cubic feet per day of natural gas treating capacity and 119 thousand barrels per day of condensate stabilization capacity.

Sell $2.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-13 Pioneer Natural Resources - Pumping Services Assets

Texas, United States

Pioneer Natural Resources Co. - Pumping Services Assets is a provider of pressure pumping services in the Permian Basin.

Sell $440M

Seller(S) 1

SELLER

Devon Energy

Oklahoma City, Oklahoma, United States
Category Company
Founded 1971
Sector Oil/Gas Exploration
Employees1,800
Revenue 15.3B USD (2023)
DESCRIPTION

Devon Energy a U.S. based independent natural gas and oil producers. The company's operations are focused on North American onshore exploration and production. Devon Energy was founded in 1971 and is based in Oklahoma City.

DEAL STATS #
Overall 10 of 11
Sector (Oil/Gas Exploration) 9 of 10
Type (Divestiture) 9 of 10
State (Oklahoma) 2 of 3
Country (United States) 7 of 8
Year (2016) 1 of 1
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 Devon Energy - Victoria Express Pipeline Business

Oklahoma City, Oklahoma, United States

Devon Energy's Victoria Express Pipeline Business is a natural oil and gas exploration company.

Sell $171M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-14 Devon Energy - Delaware Basin Properties

Oklahoma City, Oklahoma, United States

Devon Energy Corp. - Delaware Basin Properties comprises Approximately 10,600 gross (9,600 net) acres located in the Delaware Basin in Reeves and Ward counties, with the majority of the position adjacent to the Company’s existing acreage.

Sell $215M
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