News Update: Pioneer Natural Resources Lower Despite .36B Reliance Investment for Shale Gas, Jun 24, 2010 — Pioneer Natural Resources Co. (PXD) is falling in morning trade even as India’s Reliance Industries (RELI) announced it will invest .36 billion in Pioneer’s U.S. shale gas asets.
Under the deal, Reliance will pay 3 million in cash for a 45% stake in Pioneer’s Eagle Fod shale acreage in south Texas. Reliance will also contribute .05 billion in drilling costs over the next four years.
Shares in the Irving, Texas-based Pioneer opened at .00, and have traded between .77 and .00 over the past 12 months.
Companies: Pioneer Natural Resources Co.
Price: 65.02 Price Change: -2.17 Percent Change: -3.23,