Exxon buys Pioneer – level 1

Exxon buys Pioneer

16-10-2023 15:00

Exxon Mobil is a big oil company. Exxon is buying another company called Pioneer Natural Resources.

This deal is about a lot of money, 59.5 billion dollars. When this deal is ready, Exxon will become the biggest company in the Permian Basin. The Permian Basin is one of the most important oilfields in the United States. Exxon will pay for this deal with its own stock. The price for each share is 253 dollars. That is more than what Pioneers’ shares usually cost. The deal connects the biggest oil company in the United States with another very successful company, Pioneer.

The deal will be ready in early 2024.

Difficult words: deal (when two or more companies do business together), stock (what a company owns), share (one part of a company which someone can buy).

You can watch the original video in the Level 3 section.

What do you think this merger between Exxon and Pioneer will mean for the oil industry in the US?

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