ExxonMobil has acquired Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion, or $253 per share, as reflected by ExxonMobil’s closing price on 5 October 2023.
The deal sees Pioneer shareholders receiving 2.3234 shares of ExxonMobil for each Pioneer share at closing.
The implied total enterprise value of the transaction, including net debt, is approximately $64.5 billion.
The transaction is the largest upstream deal since Shell acquired BG for US$82 billion in 2015 and makes ExxonMobil the world’s first “Megamajor.”
ExxonMobil will gain over 700,000 barrels of oil equivalent per day (boe/d) of Midland Basin production, which will establish a Permian recourse base of over 16 billion boe.
This will make it the world’s largest tight oil player, surpassing the leadership Chevron gained when it acquired independent exploration and production company PDC Energy.
