U.S. shale producer Parsley Energy Inc on Monday agreed to buy smaller peer Jagg...
) in an all-stock deal valued at $1.62 billion, adding acreage in an oil-rich part of the top U.S. shale basin.
SunTrust Robinson analyst Neal Dingmann said the Parsley-Jagged Peak deal was overall positive, but Parsley’s shares would be pressured by the current investor angst against deals and worries over the timing of the company’s free cash flow among other reasons. Parsley said, following the deal, it will have about 267,000 net acres in the Permian, which has emerged as the biggest U.S. oil production area and the second biggest for natural gas.
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