Parker & Parsley Petroleum Company Commences Public Offering of 4.5 Million Shares

Strategic Insights -

Parker & Parsley Petroleum Company, one of the largest public independent oil and gas exploration and production companies in the United States, has announced the commencement of a public offering of 4,500,000 shares of its common stock. The initial public offering price is set at $25.00 per share, with the managing underwriters, including Salomon Brothers Inc and CS First Boston, also having an option to purchase up to 675,000 additional shares to cover over-allotments. This public offering is a significant step for Parker & Parsley, which operates oil and gas properties in the Permian Basin of West Texas, the onshore Gulf Coast region of South Texas and Louisiana, the Mid-Continent region, and in Australia.

Key Takeaways:

  • Parker & Parsley Petroleum Company has commenced a public offering of 4,500,000 shares of its common stock at an initial public offering price of $25.00 per share.
  • The managing underwriters for the offering, including Salomon Brothers Inc and CS First Boston, have an option to purchase up to 675,000 additional shares to cover over-allotments.
  • Parker & Parsley's operations span the Permian Basin of West Texas, the onshore Gulf Coast region of South Texas and Louisiana, the Mid-Continent region, and in Australia.
  • The company is one of the largest public independent oil and gas exploration and production companies in the United States.
  • Herbert C. Williamson, III and Lon C. Kile are the primary contacts for the company, with Lon C. Kile serving as the Vice President.
  • The prospectus supplement and prospectus for the offering may be obtained from Parker & Parsley upon written or telephone request.

Statistics:

  • 4,500,000 shares of Parker & Parsley Petroleum Company stock are being offered to the public.
  • The initial public offering price for each share is $25.00.
  • The managing underwriters have an option to purchase up to 675,000 additional shares to cover over-allotments.
  • The company's operations cover an extensive geographic area, including the Permian Basin, the onshore Gulf Coast region, the Mid-Continent region, and Australia.

Sources:

  • Business Wire, "Parker & Parsley Petroleum Company Commences Public Offering of Common Stock" (November 1, 1994)
  • Parker & Parsley Petroleum Company, "Prospectus Supplement and Prospectus" (1994)