Another energy company with Permian Basin production intends to scale back

Parsley Energy Inc., an exploration and production company active in the Permian Basin of West Texas and Southeastern New Mexico, is scaling back operations as oil and gas stocks continue to take a beating on Wall Street.

Based in Austin, Parsley Energy Inc. announced on March 9 it has begun to reduce its development activity for the year.

A crash in the price of oil has rocked financial markets this week amid growing concerns about COVID-19, the disease caused by the new coronavirus. The S&P Global…

Source: The Business Journal