Exxon Completes $60 Bln Pioneer Natural Resources Acquisition

Dow Jones05-03

By Dean Seal

Exxon Mobil has completed its $60 billion acquisition of rival Pioneer Natural Resources after reaching an agreement with antitrust regulators, closing out the largest oil-and-gas deal in decades.

The oil giant said Friday that the megadeal more than doubles its footprint in the Permian Basin, located in the southwest of the U.S. The combined company has more than 1.4 million net acres in the Delaware and Midland basins.

Exxon's Permian production volume is expected to more than double to 1.3 million barrels of oil equivalent per day. That figure should rise to 2 million barrels in 2027, the company said.

The deal was closed after Exxon agreed not to add Scott Sheffield, Pioneer's former chief executive, to its board of directors, according to a report from The Wall Street Journal.

The concession appeased the Federal Trade Commission which subsequently accused Sheffield of colluding with officials from the Organization of the Petroleum Exporting Countries to raise oil prices. The allegations have been referred to the Justice Department.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 03, 2024 09:17 ET (13:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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