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Parsley Energy to acquire Midland Basin acreage for $2.8bn

Staff Writer |
Parsley Energy has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties in the core of the Midland Basin.

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Parsley acquired from Double Eagle Energy Permian, for an aggregate purchase price of approximately $2.8 billion, subject to purchase price adjustments and customary closing conditions.

Upon completion, the pending acquisition will add approximately 71,000 net acres to the company's Midland Basin acreage portfolio, bringing total Permian Basin net acreage to approximately 227,000 acres.

Parsley intends to increase drilling and completion activity on the company's expanded asset base and, as a result, is updating 2017 capital plans and operating guidance to reflect increased capital investment and associated production growth.

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