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Pioneer Seals $7.6B Acquisition of Parsley Energy

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   |    Tuesday,January 12,2021

Pioneer Natural Resources Company has completed its previously announced acquisition of Parsley Energy Inc.

The all-stock deal is valued at $7.6 billion.

With the closing of the transaction, Parsley directors Matthew Gallagher and A.R. Alameddine have joined the Pioneer board of directors.

Over 99% of Pioneer and Parsley stockholders voted in favor of the deal.

Scott D. Sheffield, CEO, stated, "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."

As previously announced, Parsley stockholders will receive 0.1252 shares of Pioneer common stock for each share of Parsley common stock owned. After the close of trading today, Parsley Class A common stock will no longer be listed for trading on the New York Stock Exchange.

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