Exxon to pay the equivalent of $253 for each Pioneer share outstanding
Exxon Mobil Corp. confirmed Wednesday an agreement to buy Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, or $64.5 billion including debt.
Under terms of the deal, Pioneer shareholders will receive 2.3234 Exxon shares XOM, -0.42% for each Pioneer share PXD, +0.76% they own. The companies said that based on the Oct. 5 closing prices of $108.99 for Exxon’s stock and $214.96 for Pioneer’s stock, the deal values Pioneer shares at $253.23 each, or a 17.8% premium.Pioneer shares rose 1.1% in premarket trading, while Exxon’s stock fell 1.5%.
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