Pioneer Natural Resources Co., Dallas, (NYSE: PXD) plans to form two publicly traded master limited partnerships which will own interests in long-lived, low-decline oil and gas assets. Pioneer will also offer approximately $500 million in equity. The first MLP will initially acquire an interest in a portion of Pioneer's long-lived proved developed reserves in the Spraberry Field in West Texas. Pioneer plans the initial public offering of units during the fourth quarter, with approximately $250 million of units to be offered. The second MLP will initially acquire an interest in a portion of Pioneer's long-lived proved developed gas reserves in the Raton Basin Field in southern Colorado. Approximately $250 million of these units are expected to be offered to the public during 2008.
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