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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.
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.
Hildebrand will remain Hilcorp’s executive chairman and continue to be heavily involved in the company’s operations, a spokesman said.