Another one bites the dust. For the second time in as many days a Permian stalwart has been bought. One more heavyweight forged. Pioneer made good on the rumors that it would one day acquire Parsley Energy. The assets dovetail as nicely as any deal we can remember. But the important takeaways from this deal stretch far beyond the footprint. In this piece, our team looks beyond the obvious metrics. What other variables matter? And what might you not capture elsewhere? -Pioneer must modernize. Does Parsley help or hurt? -Flowback strategy matters. Is Parsley a welcome change of pace? -Should buyers be more cautious with a contentious election approaching? -The pendulum of Permian power swings away from the Majors back to the Independents -Does Pioneer's cost of capital advantage liberate any of Parsley's projects?