Sinochem Petroleum USA LLC agreed to acquire 82,800 net acres of leasehold in the Wolfcamp shale field from Pioneer Natural Resources Co. for $1.7 billion.
The transaction is subject to customary governmental approvals and third party approvals. The transaction is expected to close by June 1, 2013. Oscar Brown, Andrew Castaldo and Steve Almrud of BofA Merrill Lynch acted as financial advisor and David Cohen, Marcia Backus, Shay Kuperman, Chris Dawe, Billy Vigdor, Tom Crichton, Todd Way, John Grand, Michael Allers, Mingda Zhao, Alan Alexander, Scott Fulford, Elizabeth Bellows, Larry Nettles, Xiao Yong, Winston Oxley, James Olson, Mike Wortley, and Guy Lipe of Vinson & Elkins LLP acted as legal advisors to Pioneer on the transaction. Kevin Shaw, Bill Moss, Pablo Ferrante, Andrew J. Stanger, Jeff Dobbs, Jon Scott, Gabriel Salinas, William S. Moss III and Robin Clarkson of Mayer Brown LLP acted as the legal advisor and Maynard Holt, Lance Gilliland, Ward Polzin and Jeff Knupp of Tudor, Pickering, Holt & Co. Securities, Inc. acted as financial advisor to Sinochem.