Exxon will pay $59.5 billion, all in stock. It’s Exxon’s biggest acquisition since its merger with Mobil in 1999.
Exxon confirmed a deal to buy Pioneer Natural Resources, the biggest oil merger in years that cements it as the dominant producer in the Permian Basin region of the U.S.
“Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge,” said Exxon Mobil CEO Darren Woods. “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 stand-alone basis.”
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