Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas.
Pioneer shareholders will receive 2.3234 shares of Exxon Mobil for each Pioneer share they own.
The deal with Pioneer Natural gives Exxon Mobil more access to the Permian basin, which runs through parts of Texas and New Mexico. Exxon has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-stock deal valued at $4.9 billion.
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