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.
Including debt, Exxon is committing about $64.5 billion to the acquisition, leaving no doubt of the Texas energy company’s commitment to fossil fuels as energy prices surge.Pioneer shareholders will receive 2.32 shares of Exxon for each Pioneer share they own.
NEW YORK, NEW YORK - OCTOBER 06: An Exxon gas station sign is seen on October 06, 2023 in the Brooklyn borough of New York City. Once the deal closes, Exxon Permian production volume will more than double to 1.3 million barrels of oil equivalent per day, based on 2023 volumes. It’s expected to climb to about 2 million barrels of oil equivalent per day in 2027.
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