$2.8B deal latest land acquisition in energy-rich Permian
DALLAS—An Austin-based driller said this week that it's buying about 71,000 acres of land in the energy-rich Permian Basin for $2.8 billion, becoming the latest energy company to make a major investment in the region.
Parsley Energy said in a statement Tuesday that it's purchasing the land from a Fort Worth oil explorer, Double Eagle Energy Permian. The move will bring Parsley's holdings in the region to 227,000 acres.
The deal comes just a few weeks after Exxon Mobil Corp. announced it was buying the Permian Basin holdings of the Bass family, of Fort Worth, in a more than $6 billion stock and cash deal that doubles its presence in the basin.
Energy companies have been investing heavily in West Texas and parts of New Mexico, as oil prices recover from a downturn that saw the energy sector hemorrhage jobs and curtail production.
Read more: http://www.texarkanagazette.com/news/texas/story/2017/feb/09/28b-deal-latest-land-acquisition-energy-rich-permian/660802/