ExxonMobil to Buy Shale Rival Pioneer
- 8 months ago
ExxonMobil to Buy , Shale Rival Pioneer.
ExxonMobil has agreed to
purchase Pioneer Natural
Resources for $60 billion,
CNN reports.
Exxon's acquisition of the major shale oil
producer would more than double its footprint
in the U.S. Southwest's Permian Basin.
Exxon would be able to produce
"the equivalent of 1.3 million barrels
of oil a day" in the area, CNN reports. .
Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. , ExxonMobil CEO Darren Woods, via statement.
The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis, ExxonMobil CEO Darren Woods, via statement.
The deal would give Pioneer shareholders
"2.3234 shares of ExxonMobil for each
Pioneer share," according to CNN.
However, the deal is likely
to face regulatory hurdles.
The Biden administration has been
particularly critical of mergers, challenging
acquisitions on antitrust grounds.
The administration has also criticized big oil over high prices, which may prove to complicate things for ExxonMobil
ExxonMobil has agreed to
purchase Pioneer Natural
Resources for $60 billion,
CNN reports.
Exxon's acquisition of the major shale oil
producer would more than double its footprint
in the U.S. Southwest's Permian Basin.
Exxon would be able to produce
"the equivalent of 1.3 million barrels
of oil a day" in the area, CNN reports. .
Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. , ExxonMobil CEO Darren Woods, via statement.
The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis, ExxonMobil CEO Darren Woods, via statement.
The deal would give Pioneer shareholders
"2.3234 shares of ExxonMobil for each
Pioneer share," according to CNN.
However, the deal is likely
to face regulatory hurdles.
The Biden administration has been
particularly critical of mergers, challenging
acquisitions on antitrust grounds.
The administration has also criticized big oil over high prices, which may prove to complicate things for ExxonMobil