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Parsley Energy to acquire assets in Midland and Delaware basins

Staff Writer | January 11, 2017
Parsley Energy has entered into agreements to acquire, in unrelated transactions, certain undeveloped acreage and producing oil and gas properties.
Parsley Energy
Acquisition   $607 million in cash
Those properties are located adjacent to the company's existing operating areas in the Midland and Southern Delaware Basins for an aggregate purchase price of $607 million in cash, with certain transactions still subject to customary closing conditions.

The company has also acquired certain mineral interests in the Southern Delaware Basin for an aggregate purchase price of $43 million.

Parsley intends to finance these acquisitions through an equity offering announced concurrently with the acquisitions.

The company also introduced 2017 capital plans and operating guidance that contemplate a 75% increase in net lateral footage and production growth of almost 60% versus 2016, effectively pulling forward value from a growing asset base.