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. Parsley's oil and gas operations in the Permian are specifically in the Delaware and Midlands basins, the same areas that Concho Resources operates in.
Source Fool.com
