Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, making it one of the oil giant’s biggest transactions ever.
FILE - An Exxon service station sign is seen, on April 25, 2017, in Nashville, Tenn. Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. Exxon Mobil Corp. is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas.
The deal with Pioneer Natural expands Exxon's presence in the Permian basin that straddles the border between Texas and New Mexico. Pioneer's more than 850,000 net acres in the Midland Basin will be combined with Exxon’s 570,000 net acres in the Delaware and Midland Basins, which all border each other. The company will have an estimated 16 billion barrels of oil equivalent resource in the Permian.
"The combination of ExxonMobil and Pioneer creates a diversified energy company with the largest footprint of high-return wells in the Permian Basin,: Pioneer CEO Scott Sheffield said in a prepared statement.in 2022, bringing in $55.7 billion in annual profits, exceeding its previous record of $45.22 billion in 2008.
Both companies' boards have approved the transaction, which is expected to close in the first half of next year. It still needs approval from Pioneer shareholders.
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