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Exxon Mobil's $60 Billion All-Stock Merger with Pioneer Natural Resources

Stellar Snippets

Shale company Exxon Mobil is close to buying rival Pioneer Natural Resources for an all-stock, $59.5 billion deal at $253/share.

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This is supposed to be Exxon's biggest deal since merging with Mobil Corp in 1999, which is to be closed in the first half of 2024.

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As per the companies' press release, Pioneer shareholders will receive 2.3234 Exxon shares for every Pioneer share they own.

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Exxon expects its production volume in the Permian Basin to more than double to about 1.3 million barrels/day after they close the deal.

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The Permian Basin has several yet-to-be-drilled sites which are expected to be lucrative considering the global demand.

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Exxon Mobil CEO Darren Woods stated that the merger will provide additional "long-term value creation" which neither would have been able to do alone.

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The combination of the two companies, Woods hopes, will "bring together environmental best practices" and reduce their carbon footprint.

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Since the announcement, Pioneer shares have been up more than 10%, but both companies have struggled with their share prices in 2023.

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