Parsley Energy Inc. completed its multibillion-dollar acquisition of Permian Basin neighbor Jagged Peak Energy Inc. on Jan. 10—less than 90 days from when the proposed combination was first publicly announced.

Matt Gallagher, Parsley’s president and CEO, said the expedited closing of the $2.3 billion (including debt) all-stock transaction will allow the Austin, Texas-based company to “hit the ground running on ... capturing tangible synergies” that he expects will drive efficiency and in turn generate additional free cash flow.

“Execution will continue to speak louder than words, and our integration efforts will retain the sense of urgency and accountability that defined our successful 2019 action plan,” Gallagher said in a statement. “Ultimately, we expect that the culmination of this hard work will be a more capital efficient enterprise with more free cash flow.”

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access