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Pioneer Natural Resources Co. announced it has closed the previously announced sale of its South Africa business to the Petroleum Oil and Gas Corporation of South Africa (SOC) Ltd. (PetroSA) for US $52 million.
The transaction was effective Jan. 1. Since that date, Pioneer has received cash of $37.5 million from ongoing operations. The remaining cash proceeds from the sale of $14.5 million were received at closing. Pioneer does not expect any cash tax obligation on this remaining amount. The company expects to recognize a pre-tax gain in discontinued operations from the sale of $29 million to $35 million when it reports earnings for the third quarter of 2012.