Neal Shah - 972-969-3900 Significant Synergies – The combination of Pioneer and Parsley is expected to result in annual cost savings of approximately. Yes! Parsley Energy has offices in Midland and Austin. Parsley’s high-quality portfolio in both the Midland and Delaware Basins, when added to Pioneer’s peer-leading asset base, will transform the investing landscape by creating a company of unique scale and quality that results in tangible and durable value for investors. Scott Sheffield, CEO of Pioneer Natural Resources, in portrait Wednesday, Feb. 18, 2015 at the Pioneer building on N. Big Spring in Midland. This press release features multimedia. Vaalco Energy Inc. agreed to acquire a 27.8% working interest in the Etame Marin block and 40% in Block DE-8, offshore Gabon, from Sasol Gabon SA for $44 million plus future contingent payments of up to $6 million. Pioneer Natural Resources Co. agreed to acquire Parsley Energy Inc. in an all-stock transaction valued at $4.5 billion as of Oct. 19, 2020. Receive alerts for 300+ data fields across thousands of companies. Such filings are available from the Company at 777 Hidden Ridge, Irving, Texas 75038, Attention: Investor Relations and the Company’s website at www.pxd.com. Pioneer will issue approximately 52 million shares of common stock in the transaction. On Tuesday, October 20, 2020 at 3:45 p.m. Central Time, Pioneer will host a conference call to discuss the transaction. Scott D. Sheffield, Pioneer’s President and CEO stated, “This transaction creates an unmatched independent energy company by combining two complementary and premier Permian assets, further strengthening Pioneer’s leadership position within the upstream energy sector. Pioneer plans to cut costs by combining water resources, refinancing debt and streamlining operations. The deal, unanimously approved by Pioneer and Parsley’s board of directors, is pending approvals by shareholders and regulators. These and other risks are described in Pioneer’s and Parsley’s Annual Reports on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and other filings with the Securities and Exchange Commission. Pioneer Natural Resources plans to acquire rival Parsley Energy in an all stock deal valued at $4.5 billion, creating a powerhouse in the Permian Basin of West Texas. DALLAS & AUSTIN, Texas--(BUSINESS WIRE)-- Learn about Craft real-time company insights. Pioneer produced 375 million barrels of oil and gas during the second quarter while Parsley produced 183 million barrels of oil and gas during the same period. Pioneer and Parsley undertake no duty to publicly update these statements except as required by law. Additionally, based on year-end 2019 proved reserves, this transaction will increase Pioneer’s proved reserves by approximately 65%. Quantum Energy Partners, which owns about 17 percent of Parsley’s shares, supports the deal. The combined company will have a value of $23.9 billion. Unmatched Permian Scale – The combined company will be the leading Permian independent exploration and production company with a premium asset base of approximately 930,000 net acres with no federal acreage and a production base of 328 thousand barrels of oil per day and 558 thousand barrels oil equivalent per day as of the second quarter of 2020. This replay will be available through November 20, 2020. Pioneer’s executive team will lead the combined company and operate out of its Dallas headquarters. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Form S-4, the Joint Proxy Statement/Prospectus and other relevant materials relating to the proposed transaction to be filed with the SEC when they become available. Oil and gas companies are pursuing mergers and acquisitions despite the risk of alienating investors concerned about company spending, mounting debt and dwindling returns during the downturn. Pioneer Natural Resources Co. agreed to acquire Parsley Energy Inc. in an all-stock transaction valued at $4.5 billion as of Oct. 19, 2020. The transaction has been unanimously approved by the Boards of Directors of both Pioneer and Parsley and is expected to close in the first quarter of 2021, subject to customary closing conditions, regulatory approvals and shareholder approvals. Parsley Energy | 37,497 followers on LinkedIn | Parsley Energy is a Permian-focused independent oil and natural gas company. James Durbin/Reporter-Telegram. Pioneer remains committed to increasing revenues, paying down debt and returning cash to shareholders, Sheffield said. Pioneer CEO Scott Sheffield told analysts in a conference call late Tuesday that he expects this new wave of consolidations will leave four “investable” large independent oil and gas producers in the U.S. with a market value more than $10 billion: ConocoPhillips, EOG Resources, Pioneer and Hess.
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