Pioneer Natural Resources Announces Closing of Sale of South Africa Business to PetroSA for $52 Million

abarrelfullabarrelfull wrote on 20 Aug 2012 13:37
Tags: africa deals petrosa pioneer south-africa

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Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that the Company closed its previously announced sale of its South Africa business to The Petroleum Oil and Gas Corporation of South Africa (SOC) Ltd. (PetroSA) for net consideration of $52 million.

The transaction was effective January 1, 2012. Since that date, Pioneer has received cash of $37.5 million from ongoing operations. The remaining cash proceeds from the sale of $14.5 million were received at closing. Pioneer does not expect any cash tax obligation on this remaining amount. The Company expects to recognize a pre-tax gain in discontinued operations from the sale of $29 million to $35 million when it reports earnings for the third quarter of 2012.

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