ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse

USA

ODESSA, TX, May 3, 2024 – ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its position in the Permian Basin with 16 billion boe of estimated resources.

The merger creates an unconventional business with the largest high-return development potential in the shale hotspot, the company said.

The combined company’s acreage in the Delaware and Midland basins – component basins of the Permian – hold estimated resources of 16 billion boe.

“This premier, tier-one asset is a natural fit for our Permian portfolio and gives us a greater opportunity to deploy our technology and deliver operating and capital efficiency for long-term shareholder value,” ExxonMobil chairman and CEO Darren Woods said.

Image courtesy of Pioneer Natural Resources.