A deal will be Exxon’s biggest since its $81-billion purchase of Mobil Oil in 1998 and the largest acquisition this year
in an all-stock deal valued at $59.5-billion that puts it atop the largest U.S. oilfield and secures a decade of low-cost production.
Pioneer is the Permian’s largest operator accounting for 9 per cent of gross production, while Exxon occupies the No. 5 spot at 6 per cent, according to RBC Capital Markets analysts. Chief Executive Darren Woods has rebuffed investor and political pressure to shift strategies and embrace renewable energy as European oil majors have done. He faced heavy criticism for sticking to a heavy oil-dependent strategy as climate concerns became more pressing.
Pioneer has been one of the most successful oil companies to emerge from the shale revolution, which turned the U.S. from a major oil importer into the world’s largest producer in little more than a decade. Exxon’s purchase would outrank oil major Shell’s $53-billion acquisition of BG Group in 2016, which put it atop the global liquefied natural gas market.
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