Transaction Details: 

Exxon today announced its mega deal to acquire Pioneer for $60 billion in a all stock deal.   The deal includes Pioneer's 711Mboe/d (as of 2Q23) of production and 850k net acres in the core of the midland basin.

“Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. 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 ExxonMobil Chairman and CEO Darren Woods. “Their tier-one acreage is highly contiguous, allowing for greater opportunities to deploy our technologies, delivering operating and capital efficiency as well as significantly increasing production. As importantly, as we look to combine our companies, we bring together environmental best-practices that will lower our environmental footprint and plan to accelerate Pioneer’s net-zero plan from 2050 to 2035.”

About the Deal

• Land : 850,000 net acres
• Production : 711 Mboe/d (369mbo/d) 51% oil
• Locations : ~25,000
• Proved Reserves : 2.3 BBOE

Permian Deal Activity In Last 12 Months