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Sustained lower oil prices may lead to Permian consolidation, the return of tough times to other shale plays and U.S. E&Ps helping rebalance global inventories.
The founder and former top executive of several E&Ps including Chesapeake, SandRidge and Tapstone will partner with Bayou City Energy to hunt for acquisitions in Oklahoma and Kansas.
As part of creating value, Parsley Energy is also divesting what it called “tail-end inventory” in the Southern Midland Basin for about $170 million.