Pioneer Natural Resources Co. is seeking buyers for its Eagle Ford assets, report Matthew Monks and Dinesh Nair for Bloomberg.
Citigroup Inc. and Tudor Pickering Holt & Co. are working with Pioneer to find buyers for the oil and gas operations in South Texas. Pioneer is looking to sell its assets for anywhere from $4 billion to $4.5 billion.
The Eagle Ford shale play is one of the strongest producers of oil and gas in the nation, but Pioneer has yet to identify a potential buyer. This is the company’s second attempt to do so this year, forcing a lower price tag on the assets.
The business move is another in a continued trend of divestment amongst oil and gas companies. Many companies are selling off assets and are exchanging diversified portfolios for specialized operations in their most lucrative or promising areas.