Exxon Mobil Corporation, known as ExxonMobil, has successfully completed the acquisition of Pioneer Natural Resources Company on May 3, 2024. This strategic move was finalized following the Merger Agreement dated October 10, 2023, which resulted in Pioneer becoming a wholly owned subsidiary of ExxonMobil. The acquisition is transformative for ExxonMobil's upstream portfolio, more than doubling its Permian footprint. As part of the merger, each share of Pioneer common stock was converted into the right to receive 2.3234 shares of ExxonMobil common stock, along with cash proceeds for fractional shares. The merger is expected to yield significant operational and capital efficiencies, with ExxonMobil's Permian production volume projected to more than double to 1.3 million barrels of oil equivalent per day (MOEBD) based on 2023 volumes, and...Show More

Exxon Mobil Corporation, known as ExxonMobil, has successfully completed the acquisition of Pioneer Natural Resources Company on May 3, 2024. This strategic move was finalized following the Merger Agreement dated October 10, 2023, which resulted in Pioneer becoming a wholly owned subsidiary of ExxonMobil. The acquisition is transformative for ExxonMobil's upstream portfolio, more than doubling its Permian footprint. As part of the merger, each share of Pioneer common stock was converted into the right to receive 2.3234 shares of ExxonMobil common stock, along with cash proceeds for fractional shares. The merger is expected to yield significant operational and capital efficiencies, with ExxonMobil's Permian production volume projected to more than double to 1.3 million barrels of oil equivalent per day (MOEBD) based on 2023 volumes, and potentially reaching approximately 2 MOEBD by 2027. Additionally, ExxonMobil has committed to accelerating Pioneer's net-zero greenhouse gas emissions goal from 2050 to 2035 for its Permian operations. The company also plans to apply advanced technologies to reduce methane emissions and increase the use of recycled water in its Permian fracturing operations to over 90% by 2030. In conjunction with the merger, ExxonMobil has appointed Maria S. Dreyfus to its Board of Directors, effective May 3, 2024, while Scott D. Sheffield will not join the board as per the FTC consent order. The merger also includes adjustments to the conversion rights for Pioneer's 0.250% Convertible Senior Notes due 2025, aligning with the terms of the merger.