ExxonMobil to acquire Pioneer Natural Resources in $59.5B all-stock deal

EXXON MOBIL CORP

Deal valued at $59.5B ($253/share); Pioneer holders get 2.3234 XOM shares per PXD share; total enterprise value ~$64.5B.
Combined Permian position: 16B boe resource; 2023 pro forma production of 1.3M boe/d, targeting ~2M boe/d by 2027.
Pioneer CEO Scott Sheffield and one Pioneer director to join ExxonMobil board at close.
Synergies include cost of supply <$35/bbl from Pioneer assets; deal expected to be immediately accretive to EPS and FCF.
Termination fee of $1.815B payable by Pioneer if it terminates for a superior proposal.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EXXON MOBIL CORP entered into Agreement and Plan of Merger with Pioneer Natural Resources Company (effective 2023-10-10).

Action: entry
Agreement: merger
Counterparty: Pioneer Natural Resources Company
Effective: 2023-10-10

Exact text from the filing

On October 10, 2023, Exxon Mobil Corporation, a New Jersey corporation (the “ Company ”), SPQR, LLC, a wholly owned subsidiary of the Company and a Delaware limited liability company (“ Merger Sub ”), and Pioneer Natural Resources Company, a Delaware corporation (“ Pioneer ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”).

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EXXON MOBIL CORP filing history →

Source: SEC EDGAR

accession 0000950103-23-014885

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