PXD - Parsley Energy Set To Merge With Pioneer Natural Resources

• Parsley shareholders will soon vote on its combination with Pioneer Natural Resources.
• Parsley shareholders will see an increased dividend (based on the share exchange rate in the deal) and will own 24% of the combined company.
• The deal appears to value Parsley at a fair price based on its estimated value as a standalone company.
• The combined company benefits from $325 million in estimated annual cost savings and is aiming for modest production growth combined with significant positive cash flow.
• Positive cash flow may exceed $4 billion over the next two years at current strip prices.

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