China Company Buys Texas Oil & Gas Field

Forbes: China’s state owned petrochemical giant Sinochem (SHA: 600500) acquired a 40 percent in Wolfcamp, a well-known shale oil and gas field in the Permian Basin of Texas. Pioneer Natural Resources (PXD) of Irving, Texas said this week that it sold a 40 percent stake in its Wolfcamp field for a total price of $1.7 billion. Sinochem’s U.S. subsidiary signed the deal on Wednesday. The transaction is expected to close during the second quarter of 2013, subject to customary governmental approvals. Under......

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