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.”
Read the latest issue of Oilfield Technology in full for free: Oilfield Technology's November/December 2020 issue
The November/December issue of Oilfield Technology begins by reviewing the state of the North Sea before moving on to cover a range of topics, including Drilling Technologies, Deepwater Operations, Flow Control.
Contributors come from Varel Energy Solutions, Gyrodata, Clariant Oil Services, Drillmec and many more.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13012021/pioneer-natural-resources-completes-acquisition-of-parsley-energy/
You might also like
The machine learning models that have been developed can assist geologists and geophysicists in reconstructing missing well logs, making lithology predictions, calculating shale content, and mapping potential undiscovered reservoir areas.