FMP
Exxon Mobil to Pay Nearly $60 Billion to Acquire Pioneer Natural Resources
Oct 11, 2023 5:56 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 6:49 PM)
Image credit: FMP
Exxon Mobil (NYSE:XOM) announced its plan to acquire Pioneer Natural Resources (NYSE:PXD) for $59.5 billion, with a per-share price of $253. This acquisition sets Exxon as a preeminent entity in the largest U.S. oilfield, promising a decade of affordable production.
If successful, this would mark 2023's most notable corporate deal and become Exxon’s largest acquisition since its 1998 purchase of Mobil Oil for $81 billion. Consequently, four of the major U.S. oil companies would predominantly control the Permian Basin shale field and its substantial oilfield infrastructure.
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