I cover breaking news for Forbes. Before Forbes, I worked as a reporter for USA Today in Asheville and Black Mountain, North Carolina.
Exxon Mobil will acquire Pioneer Natural Resources as part of an all-stock transaction valued at $59.5 billion, according to a joint statement Wednesday, the largest deal by the oil giant since an estimated $80 billion merger between Exxon and Mobil in the late 1990s, as it looks to expand its gas production in Texas.Exxon will purchase Pioneer in a deal that values the company at $253 per share, netting Pioneer shareholders just over 2.
Exxon will acquire Pioneer’s more than 850,000 net acres in the Permian Basin in West Texas, “more than doubling” Exxon’s output in a region that accounted for 18% of all U.S. natural gas production in 2022,The transaction is expected to close in the first half of 2024, both companies said, pending regulatory approval and approval by Pioneer’s shareholders.16 billion. That’s the estimated number of barrels of oil equivalent that Exxon will hold in the Permian Basin as part of the deal.
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