The world’s leading oil corporation announced its largest deal in 20 years. ExxonMobil agreed to buy shale oil producer Pioneer Natural Resources for nearly $60 billion, with the deal expected to close in the first half of 2024.
One of the world’s largest oil corporations, ExxonMobil, has reached a deal to buy shale oil producer Pioneer Natural Resources. This was reported by the ExxonMobil press service.
The transaction amount will be $59.5 billion, including debt ($64.5 billion), calculated based on Pioneer Natural Resources’ share price on October 5: ExxonMobil will pay $253 for a value, taking into account a premium of 18%.
The deal will be the largest for ExxonMobil in the last 20 years: In 1999, Exxon bought Mobil for $80.3 billion and the deal is expected to close in the first half of 2024.
The acquisition will make ExxonMobil the leading producer of shale oil in the Permian Basin, the largest oil-producing basin in the United States. ExxonMobil will control reserves in the basin equivalent to 16 billion barrels of oil.
Author:
Kirill Bilyk
Source: RB
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