Exxon buys Pioneer – level 3
16-10-2023 15:00
Exxon Mobil has agreed to acquire US rival Pioneer Natural Resources in an all-stock deal valued at 59.5 billion dollars, making it the largest producer in the largest US oilfield, the Permian Basin.
The deal combines the largest US oil company with Pioneer, a significant player in the shale revolution that made the US the world’s largest oil producer in just over a decade. The merged company aims to increase oil and gas production significantly and cut greenhouse gas emissions by combining Exxon’s technology with Pioneer’s lower operational costs. Pioneer CEO Scott Sheffield will join Exxon’s board; however, the leadership of the combined operation is yet to be determined.
The deal is expected to close in early 2024, and it doesn’t foresee antitrust challenges.
Difficult words: shale (a soft gray rock), foresee (to predict), antitrust (efforts to prevent companies from working together to control prices unfairly or to create a single company).
You can watch the video news lower on this page.
What are the environmental and economic implications of the Exxon Mobil-Pioneer Natural Resources merger?
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