Pioneer Natural Resources (NYSE: PXD) continues to market its share of its Eagle Ford Shale Midstream business (EFS), which is expected to bring the Dallas company an estimated $1 billion.

Pioneer owns 50.1% interest in EFS and Reliance Holding USA Inc. owns the remainder. Pioneer is the operator.

Pioneer recently indicated that bidding could be concluded by the end of the first quarter.

“We expect bids in next couple of weeks,” Scott D. Sheffield, chairman and CEO, said in a Feb. 11 conference call.

A sale will benefit the company as it navigates through the low oil prices of 2015. Pioneer has reduced its capex by 45%. Depending on the buyer, it could also be a win for refining companies looking for gain control over more of the flow of natural resources.

In 2015, Pioneer is reducing horizontal drilling activity in the Spraberry/Wolfcamp and Eagle Ford Shale to 16 rigs by the end of February, a 50%. It is also reducing capex by 45%. While the company has $1 billion cash on hand, it could spend up to $150 million of the reserve on operations. A sale of the EFS could buoy the company.

“We’d like to have $1.5 to $2 billion in cash to be able to jump start our program with several more rigs going into 2016,” Sheffield said.

While the sale makes sense for the company, which no longer wants to be in the midstream sector, it could bode even better for refiners.

EFS’ logistics business is potentially a good fit for refiners along the Gulf Coast, said Sam Margolin, analyst, Cowen & Co.

“In the case of PXD’s assets, synergies would be more significant for Gulf Coast operators, particularly Valero Energy Corp. (NYSE: VLO), which owns refining assets in South Texas and Corpus Christi,” Margolin said.

Refiners with ownership of midstream assets could move up the commodity supply chain and control more processed volumes from the wellhead, Margolin said.

For 2015, EFS has a projected cash flow of $100 million from 10 condensate processing units and pipeline assets.

Recently, E&Ps have jettisoned their midstream assets to get leaner or to raise capital. Often, those assets are being snapped up by midstream companies.

In 2014, Tesoro Logistics LP (NYSE: TLLP) purchased QEP Resources Inc.’s (NYSE: QEP) QEP Field Services Co. for $2.5 billion in cash. QEP retained ownership of Field Services’ Haynesville Gathering System.

Tesoro has for several years acquired midstream assets including a 2013 purchase of refined products terminals from Chevron Pipe Line Co., among others.

Refiners would seem to be the next logical buyer for such assets.

“Refinery-sponsored MLPs have a capital advantage in consolidating midstream assets,” Margolin said. “We see the strategy in potentially expanding across the independent refining space in the coming year, potentially continuing with the acquisition of PXD's Eagle Ford midstream business.”

Midstream growth through consolidation appears generally preferable to dropdowns, as expansion into third-party logistics revenues for sponsored MLPs carries strategic value at the refinery level and prevents MLP growth from coming at the expense of marketing or wholesale earnings, he said.

“Given strong core earnings and an emerging opportunity set within midstream consolidation, we maintain our constructive view on the independent refining industry,” Margolin said.

For Pioneer, selling EFS would allow the company to redeploy capital to its core, oil-rich Spraberry/Wolfcamp assets in the Permian Basin.

“The sale of EFS Midstream is not expected to impact our ability to export processed Eagle Ford condensate,” Sheffield has said.

Pioneer exported a net 3,500 barrels of oil per day (Mbbl/d) of Eagle Ford Shale condensate during the second half of 2014, with significantly improved pricing compared to domestic condensate sales, Sheffield said.

In 2015, the company has contracts to export a net 7 Mbbl/d of condensate, primarily to Asia.

Pioneer announced its intention to sell the EFS in November.