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ExxonMobil Merges with Pioneer Natural Resources in an All-Stock Transaction Valued at USD 59.5bn.

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MANews-(C)2009-2023

Texas-based energy and petrochemical company Exxon Mobil Corp. (NYSE: XOM) has agreed to acquire Dallas-based oil and gas exploration and production company Pioneer Natural Resources (NYSE: PXD) in an all-stock transaction valued at USD59.5 bn, or USD253 per share, the company said.

Under the terms of the agreement, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing.

The implied total enterprise value of the transaction, including net debt, is approximately USD 64.5bn.

The merger combines Pioneer's more than 850,000 net acres in the Midland Basin with ExxonMobil's 570,000 net acres in the Delaware and Midland Basins, creating the industry's leading high-quality undeveloped US unconventional inventory position.

Together, the companies will have an estimated 16 bn barrels of oil equivalent resource in the Permian.

Combining Pioneer's differentiated Permian inventory and basin knowledge with ExxonMobil's proprietary technologies, financial resources, and industry-leading project development is expected to generate double-digit returns by recovering more resource, more efficiently and with...

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