• January 18, 2021

Pioneer Natural Resources completes Parsley acquisition - Odessa American: Oil Gas

Pioneer Natural Resources completes Parsley acquisition

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Posted: Wednesday, January 13, 2021 7:06 pm

Pioneer Natural Resources Company has completed acquisition of Parsley Energy, Inc. following the approval by Pioneer and Parsley stockholders of all proposals necessary for completing the all-stock transaction.

At the special meeting of Pioneer stockholders held Tuesday, more than 99% of the shares of Pioneer common stock voting at the special meeting were cast in favor of the issuance of Pioneer common stock in connection with the transaction.

In addition, in connection with the closing of the transaction, Matthew Gallagher and A.R. Alameddine have joined the Pioneer board of directors. Both served on Parsley’s board of directors until the closing of the transaction.

Scott D. Sheffield, CEO, in a news release said: “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 return of capital to shareholders. 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 is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

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