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Pioneer Natural Resources completes acquisition of Parsley Energy

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Oilfield Technology,

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

At a special meeting of Pioneer stockholders, more than 99% of the shares of Pioneer common stock voting at the special meeting were cast in favour of the issuance of Pioneer common stock in connection with the transaction. At a special meeting of Parsley stockholders, more than 99% of the shares of Parsley common stock voting at the special meeting (and approximately 89% of the total outstanding shares) were cast in favour of the transaction.

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

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

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.”

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