Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, making it one of the oil giant’s biggest transactions ever. The transaction’s value, including debt, is about $64.5 billion. Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share.
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.Pioneer shareholders will receive 2.3234 shares of Exxon Mobil for each Pioneer share they own.
Exxon purchased XTO Energy in 2009 for approximately $36 billion. In the late 1990s, the merger between Exxon and Mobil totaled more than $80 billion.Top US firms supplied equipment to keep Russian oil flowing after Ukraine invasionThe deal with Pioneer Natural gives Exxon Mobil more access to the Permian basin, which runs through parts of Texas and New Mexico.Exxon has been using some of that cash on acquisitions.
Both companies’ boards have approved the transaction, which is expected to close in the first half of next year. It still needs approval from Pioneer shareholders.
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