Shareholders of Pioneer Natural Resources will receive 2.3234 shares of ExxonMobil for each Pioneer share they own at closing, Exxon said in a statement.
ExxonMobil is buying fracking giant Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, the oil and gas corporation announced Wednesday. Exxon is committing about $64.5 billion, including debt, to the acquisition – the oil giant’s largest merger since merging with Mobil in 1999. The transaction gives the company an improved foothold in the Permian Basin of West Texas and New Mexico. Pioneer shareholders will receive 2.
Pioneer’s more than 850,000 net acres in the Midland Basin will be combined with ExxonMobil’s 570,000 net acres in the Delaware and Midland Basins, giving the company an estimated 16 billion barrels of oil equivalent resource in the Permian. At the close of the deal, ExxonMobil’s Permian production volume will more than double to 1.3 million barrels of oil equivalent per day, and is expected to increase to about 2 million barrels of oil equivalent per day in 2027. ExxonMobil also said it is committed to reducing greenhouse gas emissions and announced it will accelerate Pioneer’s plan to achieve net zero emissions within 15 years.
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