MIDLAND, Texas — Pioneer Natural Resources is set to acquire Parsley Energy in the new year as many oil and gas-related businesses consolidate amid a poor year for the industry thanks to the pandemic.
The purchase does not come without a cost however. In addition to the rouhgly $4.5 billion price tag, Parsley will be laying off 234 workers while Pioneer will be laying off another 100.
Parsley's layoff consists of the majority of its workforce, including jobs in Midland and Las Colinas.
Pioneer's layoffs will be strictly workers in the Midland area, and will start in February.
However, Pioneer does plan to offer some of the laid-off employees jobs with the company outside of Midland.