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| Economy |
| Exxon to acquire shale rival Pioneer in nearly $60B deal |
| 2023-10-12 |
| [NYPOST] Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production. The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world’s largest oil producer in little more than a decade. Exxon Chief Executive Darren Woods said in an interview the combination provides a big opportunity for synergies among the companies. "We basically closed this deal fairly quickly," Woods said after approaching Pioneer’s Scott Sheffield two weeks ago, "and started talking about the complementary nature of both of our businesses." The merged company could add 700,000 barrels per day of oil and gas (boepd) production within four years of the deal closing, to 2 million boepd. It also aims to cut greenhouse gas emissions and increase oil output per well by combining Exxon technology with Pioneer’s lower cost of operations, Exxon said. |
| Posted by:Fred |
| #4 Exxon may say they aren't worried about anti-Trust scrutiny on this. But they are. The FTC will be getting multiple letters from Senator Warren and others on this. |
| Posted by: lord garth 2023-10-12 10:09 |
| #3 /\ Energy investors are sitting on the edges of their chairs P2k. |
| Posted by: Besoeker 2023-10-12 09:48 |
| #2 Someone betting that Trump may be in and open drilling back? |
| Posted by: Procopius2k 2023-10-12 09:45 |
| #1 Pioneer Natural Resources was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by T. Boone Pickens. In 2002, Pioneer made discoveries in its offshore Oooguruk field, west of Prudhoe Bay, Alaska. It has been the sky is the limit since then. |
| Posted by: Jerens Black9355 2023-10-12 08:49 |