ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, has acquired Pioneer Natural Resources Company, creating an “unconventional” business with the largest, high-return development potential in the Permian Basin, according to ExxonMobil.
The combined company’s more than 1.4 million net acres in the Delaware and Midland basins have an estimated 16 billion barrels of oil equivalent resource. The deal is one of several largest mergers and acquisitions in the oil and gas industry in recent years.
ExxonMobil’s Permian production volume will more than double, to 1.3 million barrels of oil equivalent per day (MOEBD), based on 2023 volumes, and is expected to increase to approximately 2 MOEBD in 2027, based on initial estimates.
The acquisition, first announced in October 2023, valued the all-stock merger at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on Oct. 5, 2023. The implied total enter
