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Yahoo BusinessOct 20, 2020
Shale Oil M&A Accelerates With Pioneer Strike to Buy Out Parsley
(Bloomberg) -- The series of mergers reshaping the beleaguered U.S. shale oil industry accelerated Tuesday when Pioneer Natural Resources Co. agreed to buy Parsley Energy Inc. for $4.5 billion in stock, creating one of the largest producers in the Permian Basin.The deal came a day after ConocoPhillips announced its $9.7 billion takeover of Concho Resources Inc. and underscores the view that oil companies must be big to survive in a new, pandemic-maligned world that's oversupplied with crude. Earlier this month Chevron Corp. completed its takeover of Noble Energy Inc., while Devon Energy agreed to merge with shale driller WPX in late September.The sector is in full-on merger mode in response to oil prices that have been stuck at around $40 a barrel in recent months after the Covid-19 pandemic hit global demand. While that's put pressure on energy companies around the world, the pain is most severe in U.S. shale. The industry is weighed down by massive debts, the result of years of break-neck expansion that made America the largest crude producer but also disappointed investors with poor returns.Energy has slumped to less than 2% of the S&P 500 Index, down from more than 11% a decade ago, even as the wider market rose to record levels."There's only going to be three or four independents that are investable by shareholders" after the recent market rout, Pioneer Chief Executive Officer Scott Sheffield said on a conference call with analysts. The "real survivors" will be Pioneer-Parsley, EOG Resource

MarketWatch MarketPulseOct 16, 2020
Oil prices notch a second straight weekly climb
Oil futures ended a bit lower on Friday, but scored a second straight weekly gain. Concerns that the global rise in COVID-19 cases will spur new economic shutdowns that lead to lower energy demand put pressure on prices, but support came from a bigger-then-expected weekly fall in U.S. crude supplies and fresh signs of OPEC 's commitment to production cuts. November West Texas Intermediate crude fell 8 cents, or 0.2%, to settle at $40.88 a barrel on the New York Mercantile Exchange. For the week, front-month prices rose 0.7% for the week.

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