India's Reliance Industries plans to buy a 45% stake in a Texas shale gas field owned by Pioneer Natural Resources(PXD). Interestingly, this deal follows a few other deals Reliance has made during the past two weeks and management's announcement of doubling the enterprise value within a decade.
Reliance will pay $1.35 billion, spread over four years, to acquire the Texas shale gas field. Pioneer has about 310,000 acres in this Eagle Ford Shale play in South Texas. This deal would be the company's second purchase of a U.S. shale gas interest in two months...