ExxonMobil
ExxonMobil Oil Company has acquired Pioneer Natural Resources, one of America’s leading hydraulic fracturing companies, in an all-stock deal worth $59.5 billion, making it its largest acquisition since its acquisition of Mobil two decades ago.
The value of the deal, including debt, is approximately $64.5 billion.
Pioneer shareholders will receive 23,234 Exxon Mobil shares for every Pioneer share they own.
Exxon acquired X2O Energy in 2009 for approximately $36 billion. In the late 1990s, the Exxon-Mobil merger was worth more than $80 billion.
The deal with Pioneer Natural gives ExxonMobil more access to the Permian Basin, which runs through parts of Texas and New Mexico.
Exxon achieved record annual profits in 2022, worth $55.7 billion, exceeding the previous record of $45.22 billion in 2008.
The company used some of this money for acquisitions. In July, the company announced the purchase of pipeline operator Denbury in an all-stock deal valued at $4.9 billion.
Pioneer Natural Resources has taken similar steps. In 2020, the company announced that it intended to purchase Parsley Energy in an all-stock deal worth approximately $4.5 billion. It then bought Double Point Energy in a cash and stock deal worth about $6.4 billion in 2021.
The boards of directors of both companies have approved the deal, which is expected to be completed in the first half of next year. It still needs approval from Pioneer shareholders.
2023-10-11 17:34:26
#ExxonMobil #acquires #Pioneer #Natural #billion
