Shale producer Pioneer Natural to buy rival Parsley

In this news, we discuss the Shale producer Pioneer Natural to buy rival Parsley.

(Reuters) – Pioneer Natural Resources Co PXD.N said on Tuesday it would buy small rival Parsley Energy Inc PE.N for $ 7.6 billion, including debt.

Parsley, focused on the Permian Basin, will receive a fixed exchange ratio of 0.1252 shares of Pioneer Natural for each share held.

Reporting by Arunima Kumar and Arundhati Sarkar in Bengaluru; Edited by Anil D’Silva

Original © Thomson Reuters

Originally posted 2020-10-21 01:56:07.

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