Oklahoma City-based Continental Resources said Wednesday it has agreed to acquire certain Permian Basin assets from Dallas-based Pioneer Natural Resources in an all-cash transaction valued at about $3.25 billion. The assets include 92,000 net acres with net production of about 50,000 boed (35,000 b/d of oil), including more than 650 gross operated locations in third Bone Spring and Wolfcamp A and B and more than 1,000 total locations in additional zones producing in the basin.
Bill Berry, CEO of Continental, said, “Continental’s foundation has always been built upon a strong geology-led corporate strategy. This continues today and has directly led us to our new strategic position in the Permian Basin.” Scott D. Sheffield, Pioneer CEO, said, “This transaction returns Pioneer to being 100 percent focused on its high-margin, high-return Midland Basin assets where we have the largest acreage position and drilling inventory.”