Dallas-based Pioneer Natural Resources Co., transitioning to a Permian Basin pure-play, has agreed to sell all of its interests in a former staple, the West Panhandle field in Texas, for $201 million.

The transaction with an undisclosed buyer is expected to close before the end of September.

“Throughout Pioneer’s history, the West Panhandle field has been a core asset that has added significant value for our shareholders and consistently generated excess cash flow for reinvestment,” said CEO Tim Dove.

However, he signaled during the 4Q2017 conference call that Pioneer would transition to become a Permian Basin pure-play. The West Panhandle field was one of the assets marketed as part of that move, announced by Dove in late 2017.

Assets being sold include all of the producing wells and associated infrastructure. Net production from the field in the Texas Panhandle averaged 6,000 boe/d during the first quarter. Historically, output has been weighted to natural gas liquids (55%), with 25% natural gas and 20% oil.

In early March, a fire at a compressor station in the field forced Pioneer to shut in production. No injuries were reported, and the fire was contained within the station.

The sale should result in a pretax gain in 3Q2018 of $155-170 million.