Pioneer divests Eagle Ford assets to become pure-play Permian company

Irving-based Pioneer Natural Resources said in its first-quarter earnings report May 6 that it closed on sale of 59,000 net acres and remaining assets in Eagle Ford Shale to Houston startup Ensign Natural Resources to become a pure-play Permian Basin company.  The assets are located primarily in Bee, DeWitt, Karnes and Live Oak counties and include all of the company’s producing wells and associated infrastructure.  Net production averaged 14,400 boed in 2019Q1.  Sale price is $475 million, including $25 million at closing and $450 million contingent on future commodity prices.  It’s the first acquisition for ENR, a two-year-old oil and gas producer in Eagle Ford Shale backed by private equity firm Warburg Picus.