Exxon Mobil agrees to buy Pioneer Natural Resources for nearly $60 billion in all-stock merger
Publishing timestamp: 2023-10-11 07:55:32
Summary
Exxon Mobil has agreed to acquire Pioneer Natural Resources in a $59.5 billion all-stock deal. Pioneer stockholders will receive 2.3234 shares of Exxon for every Pioneer share they own. The deal is expected to close in the first half of 2024. Exxon's production volume in the Permian Basin is projected to more than double to 1.3 million barrels per day after the transaction. The CEOs of both companies expressed optimism about the long-term value creation and environmental benefits of the merger. Pioneer shares rose nearly 2% in premarket trading, while Exxon's shares were down over 2%.
Sentiment: POSITIVE
Keywords: exxon mobil corp, business news, markets, breaking news: markets, pioneer natural resources co, energy,