Pioneer Natural Resources to Buy Parsley Energy for $4.5 Billion
October 20 2020 - 4:32PM
Dow Jones News
By Rebecca Elliott
Pioneer Natural Resources Co. has agreed to buy Parsley Energy
Inc. for $4.5 billion, the latest in a flurry of U.S. oil tie-ups
as companies seek to weather low prices brought about by the
coronavirus pandemic.
The all-stock deal would solidify Pioneer's place as one of the
largest producers in the Permian Basin of Texas and New Mexico, the
top American oil field.
The Wall Street Journal reported on Monday that the companies
were in talks to combine.
The deal comes a day after ConocoPhillips agreed to buy Concho
Resources Inc. for $9.7 billion. Last month, Devon Energy Corp.
agreed to a $2.6 billion merger with WPX Energy Inc., while Chevron
Corp. in July agreed to buy Noble Energy Inc. for about $5
billion.
Pioneer Chief Executive Scott Sheffield is the father of
Parsley's co-founder and chairman, Bryan Sheffield.
(More to Come)
Write to Rebecca Elliott at rebecca.elliott@wsj.com
(END) Dow Jones Newswires
October 20, 2020 16:17 ET (20:17 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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