Pioneer Natural Resources, a company engaged in hydrocarbon exploration in the Cline Shale, completed the acquisition of Parsley Energy, an independent oil and natural gas company, for $7.6bn, including $3.1bn of debt. Existing Pioneer shareholders now own c. 76% and existing Parsley shareholders own c. 24% of the combined company. "This transaction creates an unmatched independent energy company by combining two complementary and premier Permian assets, further strengthening Pioneer’s leadership position within the upstream energy sector. Parsley’s high-quality portfolio in both the Midland and Delaware Basins, when added to Pioneer’s peer-leading asset base, will transform the investing landscape by creating a company of unique scale and quality that results in tangible and durable value for investors," Scott D. Sheffield, Pioneer President and CEO.