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Pioneer Natural Resources to Acquire Parsley Energy for Approximately $4.5B

Pioneer Natural Resources to Acquire Parsley Energy for Approximately $4.5B Background Image

Vinson & Elkins represented Parsley Energy, Inc. (“Parsley”) in a definitive agreement with Pioneer Natural Resources Company (“Pioneer”) for Pioneer to acquire all of the outstanding shares of Parsley in an all-stock transaction valued at approximately $4.5 billion. Under the terms of the agreement, Parsley shareholders will receive a fixed exchange ratio of 0.1252 shares of Pioneer common stock for each share of Parsley common stock owned. The total value for the transaction, inclusive of Parsley debt assumed by Pioneer, is approximately $7.6 billion.

Based in Austin, Texas, Parsley is an independent oil and natural gas company focused on the acquisition, development, exploration and production of unconventional oil and natural gas reserves in the Permian Basin. Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States.

The V&E team was led by partners Doug McWilliams and Lande Spottswood with assistance from senior associates Mike Marek, Jessica Lewis and Jackson O’Maley and associates David Bumgardner, Markeya Scott, Charlie Fitzpatrick, Carmen Guidry and Mary Busse.  Other key deal team members are partners John Lynch, Lina Dimachkieh, Shane Tucker, Bryan Loocke, Matt Dobbins, Devika Kornbacher and Darren Tucker and counsel David Smith, Sarah Mitchell and Damien Lyster.

A V&E team led by Doug McWilliams advised Parsley Energy in its IPO in 2014. Parsley Energy’s in house legal efforts on the merger were led by general counsel Colin Roberts, along with associate general counsel Matt Hendrix and senior counsel Justin Hunter, a V&E alum.

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