Another Oil and Gas Merger May Be Coming Soon
Earlier this week, energy giant ConocoPhillips announced it was acquiring Permian Basin shale producer Concho Resources for $9.7 billion. Now, Pioneer Natural Resources (NYSE: PXD), another player in the Permian Basin of West Texas, is in talks to grow its Permian operation by buying Parsley Energy (NYSE: PE), according to a Wall Street Journal report today. A deal would help Pioneer grow to keep up with the ConocoPhillips move into the area.