Parsely Energy Inc. (PE) will launch a $224.3 million follow-on offering following the announcement of a bolt-on acquisition in the Permian Basin.
Raymond James said it will participate in Parsley's follow-on offering as co-manager. The firm also served as senior co-manager in the Austin, Texas company's $1.1 billion IPO in May 2014.
Parsley said Sept. 17 it is acquiring 1,908 net Permian acres as part of a $39 million acquisition in Reagan and Upton counties, Texas, and will go to the public markets to help pay for the deal.
The company initially offered nearly 13 million shares in a $195 million equity offering. Goldman, Sachs & Co. is book-running manager for the offering.
Recommended Reading
Permian Gas Finds Another Way to Asia
2024-04-30 - A crop of Mexican LNG facilities in development will connect U.S. producers to high-demand markets while avoiding the Panama Canal.
Dispatch from the LNG Front: Development Not ‘Paused’ so much as Slowed
2024-04-04 - Analysts: Low prices may stall upcoming gas gathering projects that are needed for an expected boom.
White House Open to Ending LNG Export Pause in Push for Ukraine Aid, Sources Say
2024-04-02 - Reversing the pause could be tolerable to the White House in order to advance Ukraine aid, in part because the pause has no bearing on near-term LNG exports, the White House sources said.
Midstream Builds in a Bearish Market
2024-03-11 - Midstream companies are sticking to long term plans for an expanded customer base, despite low gas prices, high storage levels and an uncertain political LNG future.
Gas Prices in a Summer of Discontent
2024-05-14 - In February, natural gas prices dropped below $2/MMBtu and stayed there. How is the market handling it, and when will the price pick back up?