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(Compares with estimate, adds detail on asset sale, background)
May 6 (Reuters) - Pioneer Natural Resources Co beat Wall Street estimates for quarterly profit on Monday, and said it sold its Eagle Ford and remaining assets in South Texas to become a "pure play" Permian basin producer.
As part of the deal, it will get up to $475 million in total proceeds, of which $25 million was received at closing and $450 million is contingent on future commodity prices, the company said.
Reuters had reported https://reut.rs/2UP7Jl0 in April that Pioneer was in advanced talks to sell its Eagle Ford acreage in South Texas to privately owned energy producer Ensign Natural Resources, citing five sources familiar with the matter.
The deal will help Pioneer achieve its aim to solely focus on the Permian basin of West Texas and Eastern New Mexico, the heart of the U.S. shale revolution, to produce energy.
Output from the Permian has driven U.S. crude production to near 12 million barrels per day (bpd), making the country the biggest oil producer in the world.
Total production for Pioneer rose to 333,430 barrels of oil equivalent per day (boepd) from 311,845 boepd in the quarter.
The average realized oil prices fell 16.11 percent to $37.84.
Net income attributable to common stockholders surged to $350 million, or $2.06 per share, in the first quarter ended March 31, from $178 million, or $1.04 per share, a year ago.
Excluding one-time items, the company earned $1.83 per share, while analysts were expecting $1.61, according to IBES data from Refinitiv.
(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shinjini Ganguli)