Pioneer completes acquisition of Parsley Energy

Local News

DALLAS, Texas (Nexstar) – Pioneer Natural Resources has completed its acquisition of Parsley Energy, Inc.

The $7.6 billion deal was announced back in October.

“We are excited to close our transaction with Parsley and begin delivering on the significant synergies provided by this combination. The transaction is expected to further strengthen our investment framework by improving our free cash flow profile and enhancing (the) return of capital to shareholders,” Pioneer CEO Scott Sheffield said in a statement. “We appreciate the strong support from shareholders and are confident in the tangible and durable value created through this transaction, forming the premier Permian independent energy company.”

Pioneer acquired approximately $4.5 billion in an all-stock transaction. Parsley shareholders will receive a fixed exchange ratio of 0.1252 shares of Pioneer common stock for each share of Parsley common stock owned.

The value of $7.6 billion is inclusive of the debt assumed by Pioneer on account of Parsley.

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