Exxon Mobil agreed to buy Pioneer Natural Resources for $59.5 billion, the supermajor’s largest takeover in more than two decades. Read on.
agreed to buy Pioneer Natural Resources Co. for US$59.5 billion, the supermajor’s largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil.Exxon will pay US$253 per share in an all-stock deal, according to a statement on Oct. 11. The agreement paves the way for Exxon’s biggest acquisition since merging with Mobil Corp. in 1999 and is the world’s largest corporate takeover announced this year.
Exxon’s inventory of yet-to-be-drilled sites in the world’s biggest shale basin will expand, giving it access to a vast number of potential onshore wells that, unlike deepwater ones, can be brought online within months and make Exxon far more nimble at keeping pace with erratic global demand. The acquired assets will turn a profit even if crude prices dip as low as US$35 a barrel, Exxon said.
Exxon has been hunting for another significant acquisition in the Permian for years. The stars, however, never quite aligned. The company’s finances took a hit during the pandemic as oil prices plunged and as it ramped up spending on large global projects, forcing Exxon to borrow billions of dollars to pay dividends.
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