Might be another takeover in the making in Texas. Reports suggest that Pioneer Natural Resources Co. of Irving, Texas has been in talks to acquire Parsley Energy Inc.
The Wall Street Journal reported the initial story based on people familiar with the talks.
Parsley Energy, based in Austin, Texas is considered to be a Permian pure-play just as Pioneer is. Indications are that it would be an all-stock deal. producer, by ConocoPhillips Co. announced on Oct. 19.
Parsley Energy was founded in 2008 by Bryan Sheffield who is the son of Pioneer CEO Scott Sheffield. He began the company with nearly 100 wells that were originally drilled by his grandfather.
Pioneer has a roughly 680,000 net-acre position in the Permian within the Midland Basin. Parsley holds about 248,000 net leasehold acres in the Permian Basin’s Midland and Delaware sub-basins.
Source: Hart Energy