Jan 30 Oil and gas producer Pioneer Natural Resources Co said it will sell 40 percent of its interest in the Wolfcamp shale field in Texas to China's state-run Sinochem Group Co Ltd for $1.7 billion.
Sinochem will pay $500 million in cash and will fund a portion of Pioneer's share of drilling and facilities costs.
Under the agreement, Sinochem will acquire about 82,800 net acres of leasehold held by Pioneer.
RPT-UPDATE 1-With healthcare bill dead, U.S. Republicans turn to taxes
WASHINGTON, March 24 After failing to repeal Obamacare, Republicans in the U.S. Congress quickly pivoted on Friday to President Donald Trump's next priority: overhauling the federal tax code, but their plan has already split the business community.