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BRIEF-Parsley Energy announces consolidating midland basin acquisition, revises 2017 capital program and operating guidance, and provides updates on 4Q16 operations, year-end 2016 reserves, and recent hedging activity
February 7, 2017 / 10:12 PM / 10 months ago

BRIEF-Parsley Energy announces consolidating midland basin acquisition, revises 2017 capital program and operating guidance, and provides updates on 4Q16 operations, year-end 2016 reserves, and recent hedging activity

Feb 7 (Reuters) - Parsley Energy Inc

* Parsley Energy announces consolidating midland basin acquisition, revises 2017 capital program and operating guidance, and provides updates on 4Q16 operations, year-end 2016 reserves, and recent hedging activity

* Parsley Energy Inc says deal for purchase price of approximately $2.8 billion

* Parsley Energy Inc says upon deal completion, pending acquisition will add approximately 71,000 net acres to company’s midland basin acreage portfolio

* Parsley Energy Inc says company expects to report 4Q16 capital expenditures of $155 million-$160 million

* Parsley Energy Inc says expects to report 4Q16 net production of 44.8-45.2 mboe per day

* Consideration consists of about $1.4 billion of cash and about 39.4 million units of Parsley Energy valued at about $1.4 billion

* Parsley Energy Inc says Parsley intends to finance cash portion of consideration through equity and debt offerings announced concurrently with acquisition

* Parsley Energy Inc says Parsley is raising 2017 net daily production guidance by 5 mboe per day to a range of 62-68 mboe per day

* Parsley Energy Inc says increasing expected 4Q17 production from 70-80 mboe per day to 75-85 mboe per day Source text for Eikon: Further company coverage:

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