ExxonMobil Completed Acquisition of Pioneer Natural Resources Company

SEATTLE (Oil Monster): ExxonMobil announced that it has officially completed its acquisition of Pioneer Natural Resources Company. The announcement to this effect was made on 3^rd May, 2024.

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The combined entity boasts a collective ownership of over 1.4 million net acres in the Delaware and Midland basins. It is estimated to hold estimated resources of approximately 16 billion barrels of oil equivalent. The company’s Permian output is set to more than double, touching 1.3 million barrels of oil equivalent per day (MBOED). As per preliminary estimates, the production will likely touch around 2 MBOED by 2027.

The transaction will bring together the distinct Permian basin and basin expertise of Pioneer and ExxonMobil’s exclusive technologies. The collaboration will deliver enhanced resource efficiency causing significantly reduced environmental impact.

Commenting on the development, Darren Woods, Chairman and CEO, ExxonMobil said that the acquired top-tier asset complements the company’s Permian asset portfolio. The integration of the two entities will significantly enhance the nation’s energy security and economy. Furthermore, it will accelerate Pioneer’s net zero target by 15 years from 2050 to 2035, Woods added.