Exxon Mobil Acquires Pioneer for $60B

Exxon Mobil has completed its $60 billion acquisition of Pioneer Natural Resources, a U.S. shale oil producer. The acquisition has led to Exxon Mobil doubling its presence in the Permian Basin, the leading U.S. shale field. The merged entity now oversees more than 1.4 million net acres in the Delaware and Midland basins.

Following this acquisition, Exxon's Permian production volume is expected to more than double to 1.3 million barrels of oil equivalent per day. The company aims to realize full production synergies from this acquisition within a period of 18 to 24 months. By 2027, Exxon Mobil anticipates a rise in production to 2 million barrels per day.

Exxon Mobil's senior vice president of shale, Bart Cahir, has stated that the company will experience rapid growth in oil production year over year. This growth will be achieved by applying its current growth strategy to the resources obtained from Pioneer. The development time for new wells when developing at scale is estimated to be around 18 to 24 months.

In addition to the increase in production, Exxon Mobil intends to offer positions to most of Pioneer's employees. The company also plans to integrate Pioneer's crude oil trading team into Exxon's global trading organization.