Pioneer Natural Resources Company Completes Merger of Pioneer Southwest Energy Partners L.P.
17 Décembre 2013 - 5:38PM
Business Wire
Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer”) and
Pioneer Southwest Energy Partners L.P. (NYSE: PSE) (“Pioneer
Southwest”) today jointly announced the completion of the merger of
Pioneer Southwest with a wholly-owned subsidiary of Pioneer, with
Pioneer Southwest surviving the merger as an indirect wholly-owned
subsidiary of Pioneer, effective today, December 17, 2013. Under
the merger agreement, each Pioneer Southwest unitholder eligible to
receive the merger consideration will receive 0.2325 of a share of
Pioneer common stock for each Pioneer Southwest common unit owned
by such unitholder, plus, after aggregating all fractions of shares
to which such unitholder would be entitled, a whole share of
Pioneer common stock in lieu of any fractional share of Pioneer
common stock otherwise issuable to such unitholder in the merger.
As a result of the completion of the merger, common units of
Pioneer Southwest will cease trading at the close of business
today. Shares of Pioneer common stock will continue to be traded on
the New York Stock Exchange under the ticker symbol “PXD.”
The consolidation of the properties of Pioneer and Pioneer
Southwest in the Midland Basin in West Texas pursuant to the merger
is expected to facilitate Pioneer’s plans to fully and optimally
develop the area utilizing horizontal drilling and is expected to
provide organizational, operational and administrative
efficiencies.
Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, Texas, with operations
in the United States.
Except for historical information contained herein, the
statements contained herein related to the merger and expected
outcomes relating thereto are forward-looking statements that are
made in reliance on the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements of Pioneer and Pioneer Southwest are subject to a number
of risks and uncertainties that may cause Pioneer's or Pioneer
Southwest’s actual results in future periods to differ materially
from the forward-looking statements. These and other risks are
described in Pioneer's and Pioneer Southwest’s annual, quarterly
and other reports filed with the Securities and Exchange
Commission. In addition, Pioneer and Pioneer Southwest may be
subject to currently unforeseen risks that may have a materially
adverse effect on them. Neither Pioneer nor Pioneer Southwest
undertakes any duty to publicly update these statements except as
required by law.
Pioneer Natural Resources Company andPioneer Southwest
Energy Partners L.P.Investors:Frank Hopkins,
972-969-4065orJosh Jones, 972-969-5822orMike Bandy,
972-969-4513orMedia and Public Affairs:Susan Spratlen,
972-969-4018orSuzanne Hicks, 972-969-4020
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