Pence, who will make over $10 million this year and $13 million next year, has been traded to the San Francisco Giants for rightfielder Nate Schierholtz, and minor league prospects Tommy Joseph (Double-A catcher) and Seth Rosin (Single-A pitcher).
Pence, 29, batted a .324 for the Phillies in 2011, helping them win a franchise record 102 games. This year he is batting .271 with 17 home runs. Over his career he is hitting .290.
The Phillies already dealt their centerfielder Shane Victorino to the Dodgers earlier in the day, then made the somewhat surprising trade off of Pence shortly after.
There was a lot of talk that Pence could be traded at the deadline, but it still took him by surprise.
"I am surprised," he said. "Talking to Ruben, you understand the circumstance. I have nothing but great memories here in Philly. I'm nothing but thankful for the opportunity to play."
However, Pence is understands that it has been a difficult season and tough decisions had to be made.
"I don't think anyone really anticipated the season that's gone on this year. It was the perfect storm of injuries and things just didn't go right for us. That's the way the business of the game is and you got to understand that. I think we had a great run and now I've been sent on my way."
Pence has become one of the many fan favorites in Philadelphia over the past year and a half, especially because of his famous line "Good game, let's go eat!" That he uttered in a post game interview after a walk-off win last year.
Pence will add a badly needed bat to the Giants' lineup, which they hope will help them in the NL West playoff race.
San Francisco is currently tied with Shane Victorino's new team the Dodgers for first place in the NL West.
After losing both Victorino and Pence, the Phillies' outfield takes a huge step back.
Dominic Brown has been called up from Triple-A Lehigh Valley, which gives the Phils a selection of Brown, John Mayberry Jr., Juan Pierre, Laynce Nix, or now Nate Schierholtz to make up an outfield from.
Schierholtz is batting .257 this year, and is a career .270 hitter.
The Phillies still might not be done with the trades just yet. Multiple sources report that they are trying to work out a deal that will send Joe Blanton to the Orioles, and there is still a chance that they might try to trade Cliff Lee.