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Exxon Mobil Agreed to Acquire Pioneer Natural Resources in an all-Stock Transaction for Cose to $60 Billion

Exxon Mobil announced on Wednesday that it has reached an agreement to acquire shale rival Pioneer Natural Resources for $59.5 billion in an all-stock transaction.

In accordance with the deal, owners of Pioneer will be given 2.3234 shares of Exxon for each Pioneer share they own. According to a press release from the companies, the acquisition would likely finalise in the first half of 2024.

In the premarket, Pioneer stock rose almost 1% while Exxon fell 1.5%.

Exxon Mobil CEO Darren Woods stated in a statement that the combined capabilities of the two firms will produce long-term wealth creation much above what any company could produce on its own.

As we consider merging our businesses, we also bring together environmental best practises that will reduce our environmental impact and expedite Pioneer’s net-zero target from 2050 to 2035, according to Woods.

Source (CNBC)

SourceCNBC
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