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First with the News

ExxonMobil To Purchase Pioneer For $59.5bn To Dominate Shale Industry

October 11, 2023
in Economy, Top Stories, World
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By Emmanuel Nduka

ExxonMobil has agreed to buy Pioneer Natural Resources for $59.5bn in stock to become the leading producer in the prolific Permian shale basin of west Texas and southeastern New Mexico.

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The energy giant will pay $253 per share for Pioneer, which represents an 18pc premium based on the closing price on 5 October, in its biggest deal since the 1999 merger with Mobil.

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The transaction combines Pioneer’s 850,000 net acres in the Midland basin with ExxonMobil’s 570,000 net acres in the Delaware and Midland basins.

ExxonMobil’s Permian output will more than double to 1.3mn b/d of oil equivalent (boe/d) when the acquisition closes, rising to about 2mn boe/d in 2027.

“The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” said ExxonMobil chief executive officer Darren Woods.

As part of the transaction, ExxonMobil plans to accelerate Pioneer’s net zero emissions target for the Permian to 2035 from 2050.

The deal is valued at about $64.5bn, including debt. The combined company will have an estimated 16bn boe resource in the Permian.

ExxonMobil expects a cost of supply of less than $35/bl from Pioneer’s assets.

By 2027, short-cycle barrels will comprise more than 40pc of the company’s total upstream volumes, enabling ExxonMobil to respond to demand changes more swiftly.

 

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