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Exxon Mobil Nearing Acquisition of Pioneer Natural Resources

Exxon Mobil

BNR – Exxon Mobil is on the verge of finalising negotiations to acquire Pioneer Natural Resources, an American oil and gas producer.

This potential deal would raise Pioneer’s valuation to approximately $60 billion (€57 billion).

It will also mark Exxon Mobil’s most substantial acquisition since its monumental $81 billion deal for Mobil in 1998.

The takeover is strategically important for the company as it intends to expand in the Permian Basin, the best region in the United States’ oil sector.

Permian Basin: Perfect Area

Indeed, the Permian Basin encompass the Texas and New Mexico states. It also sticks out, as its extraction expenditure is low, making it perfect for oil and gas production in the country.

Pioneer Natural Resources is now valued at $50 billion. The company is considered the third-largest oil producer in the Permian Basin after industry behemoths Chevron Corp and ConocoPhillips.

If the current talks continue as projected, a deal between Exxon and Pioneer could emerge in the coming days. This is from sources who spoke on the condition to remain unknown, given the sensitivity of the agreement.

Exxon Mobil Navigates Challenges

Exxon Mobil, with a market value of $436 billion, is the largest oil producer in the US. It extracts an average of 3.8 million barrels of oil daily.

Despite the company’s robust performance last year, earning a record $55.7 billion, recent fluctuations in energy prices prompted this move.

Acquiring Pioneer Natural Resources would provide Exxon with additional proven oil-producing land. It will further allow the company to enhance production levels without venturing into untested territories, thereby safeguarding its financial resources.

This potential deal promises significant growth for Exxon. However, it is anticipated to attract rigorous scrutiny from both political and regulatory quarters, given the White House’s prior accusations against Exxon for reaping substantial profits at the expense of consumers.


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