Bulletin: Exxon Mobil Corp. Increases Scale In Permian Basin With $59.5 Billion All-Stock Acquisition Of Pioneer Natural Resources

NEW YORK (S&P Global Ratings) Oct. 11, 2023--S&P Global Ratings said today U.S.-based integrated oil company Exxon Mobil Corp.'s (AA-/Stable/A-1+) recently announced acquisition of Permian Basin producer Pioneer Natural Resources Co. will materially increase its position in the region. Our credit rating and outlook on the company are not immediately affected. ExxonMobil is acquiring Pioneer in an all-stock transaction valued at $59.5 billion, plus the assumption of Pioneer's approximately $5 billion of debt. Its holdings in the Permian will increase to more than 1.4 million net acres from 570,000, and its production will more than double to 1.3 million barrels of oil equivalent (boe) per day. Pioneer's second-quarter production averaged about 711,000 boe/d and comprised 52% oil and 77% total

...October 11, 2023 NEW YORK (S&P Global Ratings) Oct. 11, 2023--S&P Global Ratings said today U.S.-based integrated oil company Exxon Mobil Corp.'s (##-/Stable/A-1+) recently announced acquisition of Permian Basin producer Pioneer Natural Resources Co. will materially increase its position in the region. Our credit rating and outlook on the company are not immediately affected. ExxonMobil is acquiring Pioneer in an all-stock transaction valued at $59.5 billion, plus the assumption of Pioneer's approximately $5 billion of debt. Its holdings in the Permian will increase to more than 1.4 million net acres from 570,000, and its production will more than double to 1.3 million barrels of oil equivalent (boe) per day. Pioneer's second-quarter production averaged about 711,000 boe/d and comprised 52% oil and 77% total liquids. The deal increases ExxonMobil's total production about 20% and proved reserves about 13%. On a combined basis, ExxonMobil expects to increase Permian production to 2 million...

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