Pioneer Natural to buy DoublePoint Energy in $6.4B deal

April 07, 2021

Pioneer Natural Resources (NYSE:PXD) agrees to acquire privately held DoublePoint Energy, expanding its Permian Basin acreage in a deal valued at $6.4B.

The transaction consists of ~27.2M Pioneer common shares, $1B of cash and assumption of $900M of debt and liabilities.

Pioneer says the deal represents a contiguous position of 97K net acres directly offsetting and overlapping the company's existing footprint, increasing its acreage position to more than 1M net acres with no exposure to federal lands.

Pioneer expects the acquisition will result in $175M of annual cost savings.

DoublePoint is Pioneer's second significant acquisition in just over five months, after announcing in October it would buy Parsley Energy for $4.5B.

Over the current book year the company from Irving could achieve a revenue around 7.56 billion USD (consensus estimates). This is slightly more than 2020's revenue of 7.02 billion USD.

Historical revenues and results Pioneer Natural Resources plus estimates 2020

The analysts expect for 2021 a net profit of 1.94 billion USD. For this year the consensus of the result per share is a profit of 8.91 USD. So the price/earnings-ratio equals 16.99.

Per share the analysts expect a dividend of 2.22 USD per share. The dividend yield is then 1.47 percent. The average dividend yield of the oil & gas producers is an attractive 1.56 percent.

Based on the current number of shares Pioneer Natural Resources 's market capitalization equals 25.06 billion USD. The Pioneer Natural Resources stock was the past 12 months quite unstable. Since last April the stock is even 105 percent higher. This year the stock price moved between 67 and 169 dollar.

Historical stock prices Pioneer Natural Resources

On Tuesday the stock closed at 151.38 USD.

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