ExxonMobil and Pioneer Natural Resources announced on October 11, 2023
that they have agreed to merge in an all-stock transaction valued at $60 billion.
The deal is expected to close in the first half of 2024.
The merger will combine ExxonMobil's global oil and gas operations with Pioneer's world-class Permian Basin assets.
The combined company will be one of the largest and most profitable oil and gas companies in the world.
ExxonMobil and Pioneer have both said that they are committed to minimizing job losses as a result of the merger.
The combined company is expected to have a workforce of approximately 75,000 employees.
Shareholders of both companies are expected to benefit from the merger.
ExxonMobil shareholders will receive 0.6 shares of Pioneer common stock for each share of ExxonMobil common stock they hold.
Pioneer shareholders will receive 1.3 ExxonMobil shares for each share of Pioneer common stock they hold.
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