Gibson Dunn, V&E Drive $4.5B Texas Oil And Gas Merger

Law360 (October 20, 2020, 6:47 PM EDT) -- Pioneer Natural Resources has agreed to pay roughly $4.5 billion for private equity-backed Parsley Energy in order to form a single Texas-based oil and gas production giant, the companies said Tuesday, in a deal guided by Gibson Dunn and Vinson & Elkins.

The merger creates a premier player in the Permian and other basins, according to a statement. Together, the companies will own about 930,000 net acres in the Permian basin capable of producing 328,000 barrels of oil per day. It will also have significant positions in the Midland and Delaware basins.

Scott D. Sheffield, president and CEO of Pioneer, said...

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