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Parsley's (PE) Austin Operations to Make 234 Staff Redundant
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Parsley Energy, Inc. recently informed the Texas Workforce Commission that it will be retrenching nearly 234 workers in Austin as it plans to close down all its offices at the hub.
Of the 234 job cuts, 147 will be terminated from its corporate headquarters in the Colorado Street, 85 from its offices at Congress Avenue while the remaining two employees will be eliminated from Austin-Bergstrom International Airport.
Parsley Energy’s downsizing and office shutdowns are permanent. However, some of the staffs may be offered jobs at Pioneer Natural Resources Company (PXD - Free Report) at its Midland and Las Colinas offices as the latter is buying Parsley Energy in an all-stock deal worth $4.5 billion. The layoffs will be effective Feb 8, 2021 although a certain number of personnel will deliver temporary transition services post the completion of the acquisition.
In October, Parsley Energy has announced that its bigger rival Pioneer Natural Resources Company will acquire it for an all-stock transaction value of $4.5 billion. This deal is the latest among the spree of U.S. oil mergers and acquisitions, a strategic measure taken by shale players to combat the coronavirus-induced low crude price scenario.
The transaction, which valued Parsley Energy with exclusive focus on the most prolific portions of the Permian Basin at a 7.9% premium to its closing price as of Oct 19, is likely to close in the first quarter of 2021. Following the closure of the agreement, Pioneer Natural shareholders will have 76% ownership stake in the combined entity while Parsley Energy stockholders will own the rest.
About Parsley Energy
Parsley Energy is an independent oil and natural gas explorer and producer. Founded in 2008, the company focuses on growth through a combination of acquisitions and active drilling activities in the lucrative Permian Basin spread across West Texas and New Mexico. The company, which went public in 2014, operates primarily in the Midland and Delaware regions of the shale play.
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Parsley's (PE) Austin Operations to Make 234 Staff Redundant
Parsley Energy, Inc. recently informed the Texas Workforce Commission that it will be retrenching nearly 234 workers in Austin as it plans to close down all its offices at the hub.
Of the 234 job cuts, 147 will be terminated from its corporate headquarters in the Colorado Street, 85 from its offices at Congress Avenue while the remaining two employees will be eliminated from Austin-Bergstrom International Airport.
Parsley Energy’s downsizing and office shutdowns are permanent. However, some of the staffs may be offered jobs at Pioneer Natural Resources Company (PXD - Free Report) at its Midland and Las Colinas offices as the latter is buying Parsley Energy in an all-stock deal worth $4.5 billion. The layoffs will be effective Feb 8, 2021 although a certain number of personnel will deliver temporary transition services post the completion of the acquisition.
In October, Parsley Energy has announced that its bigger rival Pioneer Natural Resources Company will acquire it for an all-stock transaction value of $4.5 billion. This deal is the latest among the spree of U.S. oil mergers and acquisitions, a strategic measure taken by shale players to combat the coronavirus-induced low crude price scenario.
The transaction, which valued Parsley Energy with exclusive focus on the most prolific portions of the Permian Basin at a 7.9% premium to its closing price as of Oct 19, is likely to close in the first quarter of 2021. Following the closure of the agreement, Pioneer Natural shareholders will have 76% ownership stake in the combined entity while Parsley Energy stockholders will own the rest.
About Parsley Energy
Parsley Energy is an independent oil and natural gas explorer and producer. Founded in 2008, the company focuses on growth through a combination of acquisitions and active drilling activities in the lucrative Permian Basin spread across West Texas and New Mexico. The company, which went public in 2014, operates primarily in the Midland and Delaware regions of the shale play.
Zacks Rank & Key Picks
Parsley Energy currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Transocean Ltd. (RIG - Free Report) and Antero Midstream Corporation (AM - Free Report) , each presently holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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