Experts estimate the acquisition to be worth up to $60bn. They would be Exxon’s most significant endeavour since the $81bn merger with Mobil Corp. in To date, one of 2023’s biggest agreements were the Pfizer Inc. $43bn acquisition of Seagen Inc.
The Wall Street Journal reported first on the possibility of Exxon acquiring Pioneer, and stated that details of the deal would likely be sorted out in the coming days. On Thursday, Pioneer closed trading at $214.96, pegging the company’s value at $50.1bn.
When approached by Bloomberg for comment, both Exxon and Pioneer declined to respond to what they called ‘market rumours’. The latter-mentioned company’s prospects attracted interest since its founder and chief executive officer, Scott Sheffield, announced his retirement at the end of 2023.
Exxon and Pioneer combining forces would become the dominant acreage holders of the Permian and increase the barrel output by approximately 1.2m barrels per day. Additionally, it will expand XOM.N’s top-tier drilling locations by decades well beyond 2050.
Exxon suffered financial setbacks as oil prices fell during COVID-19. The company fought on by reducing costs and focusing…