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Pioneer Natural Resources Co. has agreed to buy Parsley Energy Inc. for $4.5 billion, the latest in a flurry of U.S. oil tie-ups as companies seek to weather low prices brought about by the coronavirus pandemic.
The all-stock deal, which values Parsley at a 7.9% premium to its closing value Monday, would solidify Pioneer’s place as one of the largest producers in the Permian Basin of Texas and New Mexico, the top American oil field.
Pioneer said it expects the combined company to realize roughly $325 million in savings annually by reducing administrative expenses and other costs.
The deal, which is expected to close early next year, is subject to approval from the shareholders of both companies. The companies said that Quantum Energy Partners, Parsley’s largest shareholder, with a 17% stake, backs the combination.