ExxonMobil will acquire Pioneer Natural for $59.5B ...Middle East

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ExxonMobil is buying Pioneer Natural Resources, resulting in a $59.5 billion all-stock transaction, boosting its fracking capabilities. It will be the largest acquisition for the fossil fuel colossus after Exxon bought Mobil two decades ago, according to The Associated Press. Pioneer Natural’s buyout allows for Exxon’s growth in the Permian Basin, a large oilfield in the Southwestern U.S. “Together, the companies will have an estimated 16 billion barrels of oil equivalent resource in the Permian,” a press release from Exxon said. The larger company would be able to double the Permian production volume to the equivalent of 1.3 million barrels a day, based on this year's estimates. By

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Last updated : 11 October 2023 clock 06:24 PM

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