Pioneer Closes $340 Mln Sale Of Hugoton Field To Linn Energy

(RTTNews) - Pioneer Natural Resources Co (PXD) said Thursday it closed the previously announced sale of its assets in the Hugoton field in Kansas to Linn Energy LLC (LINE) for cash proceeds of $340 million, subject to normal closing adjustments.

The assets being sold represent all of Pioneer's interests in the field, including its producing oil and gas wells, its interest in the Satanta gas processing plant and other associated infrastructure.

The sale of Pioneer's Hugoton assets is expected to result in a pretax noncash loss of about $20 million, which will be recorded in the third quarter of 2014, Pioneer said.