Pioneer does VPP on Hugoton,Spraberry output

摘要

Pioneer Natural Resources Co.(NYSE:PXD) has sold 2% of total company reserves,or 20.5 million BOE,by means of two volumetric production payments (VPP) for US593 million.Subsidiaries of Wachovia Corp.arranged or provided the capital to the purchaser.Through a VPP primarily related to its Hugoton gas field output,Pioneer sold an overriding royalty interest for a five-year term beginning Feb.1 for US276 million.The VPP represents approximately 58 billion cu.ft.of gas or about 11% of Pioneer's proved and about 80% of daily gas output in the field.