Parsley Energy (PE) Update - Dec 14

[dan_s]

This is the sad part of mergers.

Reuters - Parsley Energy will lay off most of its Austin, Texas workforce as part of its sale to Pioneer Natural Resources, according to a notice to the Texas Workforce Commission posted on Friday.

Pioneer Natural Resources is buying Parsley in a deal valued around $4.5 billion, part of a wave of consolidation among U.S. shale producers slammed by pandemic-driven collapse in oil demand.

The Parsley layoffs include 234 workers, though some of those employees will be offered jobs with Pioneer in Las Colinas, Texas or Midland, Texas, a letter to the state agency said. The layoff data is expected to be Feb. 8.
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During my 18 years at Hess, I personally had to lay off over 200 people that worked in my departments. On one day in 1999, after we sold over 50% of our U.S. wells, I had to lay off ~100 from a staff of 220. It sucks.