Exxon could unveil its $60 billion takeover of Pioneer, a key player in the Permian shale market, as early as Wednesday.
Exxon will pay $253 per share for Pioneer in an all-stock deal that values the Irving, Texas-based group at around $59.5 billion. The price represents a 5.6% premium to its Tuesday closing price but around 20% north of the level that Pioneer traded prior to recent reports of Exxon's renewed interest.
The takeover, if completed, would be the largest since the $81 billion merger between Exxon and Mobil in 1998 and the largest deal of the year in U.S. markets, topping Pfizer's “Their tier-one acreage is highly contiguous, allowing for greater opportunities to deploy our technologies, delivering operating and capital efficiency as well as significantly increasing production," he added."As importantly, as we look to combine our companies, we bring together environmental best-practices that will lower our environmental footprint and plan to accelerate Pioneer’s net-zero plan from 2050 to 2035.
For Exxon Mobil the deal would secure the industry's largest stake in the Permian Basin, an oil-and-gas-rich expanse of land that runs through west Texas and New Mexico and is largely seen as a cheaper, more reliable area for drilling than other parts of the world.
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