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Pioneer Natural Resources closes $400M sale of pressure pumping assets

Pioneer Natural Resources Co. completed its sale of pressure pumping assets to the oilfield services company ProPetro Holding Corp. for $400 million.

The deal consideration comprises $110 million of cash and 16.6 million ProPetro common shares, giving Pioneer a 17% stake in ProPetro. The assets include eight frack fleets with 510,000 hydraulic horsepower and three coiled tubing units. The deal resulted in ProPetro owning 28 frack fleets with 1,415,000 hydraulic horsepower in the Permian Basin.

Pioneer, a Permian Basin-focused oil and gas producer, said in a Jan. 2 news release that the deal will help improve capital efficiency and long-term cost competitiveness.

ProPetro also previously struck a 10-year agreement to provide pressure pumping and related services to Pioneer.