Exxon Mobil Agrees to Buy Pioneer Natural Resources in $60 Billion Deal to Become Largest Permian Producer

Exxon Mobil is acquiring Pioneer Natural Resources in a $60 billion all-stock deal, its largest acquisition since merging with Mobil in 1999.
The merger will expand Exxon's presence in the Permian Basin and is expected to double its production volume in the region to over 1 million barrels per day.
Pioneer shareholders will receive 2.32 Exxon shares for each Pioneer share they own in the transaction that is slated to close in early 2024.
The deal has raised concerns from environmental groups about Exxon doubling down on oil and gas while other majors shift to renewable energy.
Analysts say the merger could drive further consolidation in the Permian Basin but also faces potential scrutiny from regulators.