Exxon Mobil Corp. 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.Exxon purchased XTO Energy in 2009 for approximately $36 billion. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion.
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. Exxon has been flush with cash. The company posted record annual profits in 2022, bringing in $55.7 billion in annual profits, exceeding its previous record of $45.22 billion in 2008.
Pioneer Natural has been making similar moves. In 2020 the company said it was buying Parsley Energy in an all-stock deal valued at approximately $4.5 billion. It then purchased DoublePoint Energy in a cash-and-stock deal worth about $6.4 billion in 2021.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exxon Mobil buying buys Pioneer Natural in $59.5 billion deal with energy prices surgingExxon 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...
Read more »
Exxon Mobil buying buys Pioneer Natural in $59.5 billion deal with energy prices surgingExxon 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.
Read more »
Exxon Mobil to buy U.S. rival Pioneer for $59.5-billion in all-stock dealA deal will be Exxon’s biggest since its $81-billion purchase of Mobil Oil in 1998 and the largest acquisition this year
Read more »
Exxon-Pioneer tie up could squeeze US shale oil suppliers, pipelinesExplore stories from Atlantic Canada.
Read more »
Exxon to Buy Pioneer for $60 Billion to Dominate Shale Oil - BNN BloombergExxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for $59.5 billion, the supermajor’s largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil.
Read more »