ExxonMobil agrees to buy Pioneer in $59.5bln deal

ExxonMobil agreed on Wednesday to buy Pioneer Natural Resources, operating in shale oil industry, in a deal worth $59.5 billion.

The oil giant said on Wednesday it had sealed an all-stock deal giving Pioneer a value of $253 per share.

The acquisition will provide Exxon with a dominant position in the Permian Basin field in western Texas and New Mexico.

This field helped turn the US into the world’s largest oil and gas producer.

This is the group’s biggest acquisition since its formation in 1999 through the merger of Exxon and Mobil.

“The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” said Darren Woods, who has been leading Exxon since 2017.

Pioneer was founded by chief executive Scott Sheffield in 1997.