Pioneer Natural Resources Co. priced a public offering of 5.25 million common shares for gross proceeds of about $827 million, the company said June 15.
Underwriters received a 30-day option to purchase 787,500 additional shares.
A portion of the proceeds will fully fund Pioneer’s pending acquisition of oil and gas properties in the Midland Basin. The remaining proceeds will support general corporate purposes including the drilling program on the acreage to be acquired in the Midland Basin, and acreage development in the Spraberry/Wolfcamp play in West Texas.
The offering is not conditioned on the fulfillment of the pending acquisition.
Credit Suisse, J.P. Morgan, Deutsche Bank Securities Inc. and Morgan Stanley are joint book-running managers.
Pioneer Natural Resources Co. is based in Denver.
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