HOUSTON: Pioneer Natural Resources Co said on Tuesday it would buy smaller rival Parsley Energy Inc in a deal valued at about US$4.5 billion, the latest consolidation among U.S. shale producers slammed by the rout in oil prices during the pandemic.
The deal is being done to increase cost savings and cash flow, positioning Pioneer as one of"a few investable independents," Pioneer Chief Executive Scott Sheffield said on a call with analysts on Tuesday.
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