Sinochem Petroleum USA LLC will buy 40 percent of Pioneer Natural Resources Co.’s (NYSE: PXD) interest in the Wolfcamp Shale play for $1.7 billion.

Oil exploration and production company Pioneer, headquartered in Irving, Texas, leases 207,000 acres in the southern portion of the Wolfcamp Shale play. It will retain the remaining 60 percent of the interests.

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