ExxonMobil has announced its largest acquisition in decades.
In a joint release on Oct. 11, the energy giant said it has agreed to buy Pioneer Natural Resources (Pioneer) in an all-stock transaction valued at approximately US$59.5 billion.
“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 the release.
“As part of a global enterprise, Pioneer, our shareholders and our employees will be better positioned for long-term success through a size and scale that spans the globe and offers diversity through product and exposure to the full energy value chain.”
Exxon’s Chairman and CEO Darren Woods added that the combined capabilities of both companies will “provide long-term value creation well in excess of what either company is capable of doing on a standalone basis.”
“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.”
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The deal, which is Exxon’s largest acquisition since merging with Mobil Corp. in 1999, is expected to close in the first half of 2024.
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