With the ink barely dry on news that ConocoPhillips and Concho resources will marry in an all-stock deal valued at $9.7 billion, two more shale producers are in line to exchange vows. Reese Energy Consulting today is following reports that Texas-based Pioneer Natural Resources and Parsley Energy may soon tie the knot in another multi-billion-dollar transfer of ownership in the Permian. The coupling would create a $10 billion operator with combined production of more than 550,000 BPD. Dallas-based Pioneer is currently the largest acreage holder in the Cline Shale, part of the Permian’s Spraberry Trend in the Midland sub-basin, with more than 680,000 highly contiguous net acres. Following the sale last year of assets in the Eagle Ford and South Texas, Pioneer has put all its chips “on the best part” of the Midland. Permian-focused Parsley, whose CEO ranks as the youngest in the industry at age 36 and who previously worked for Pioneer, operates in both the Midland and Delaware. With a market value of about $4 billion, Parsley carries more than $3 billion in debt.
Pioneer Natural Resources
Pioneer Natural Resources Company is a company engaged in hydrocarbon exploration in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. The company is organized in Delaware and headquartered in Irving, Texas.