Tear Sheet: Exxon Mobil Corp.

We incorporate the company?s acquisition of Pioneer into our estimates beginning in mid-2024. In October 2023, ExxonMobil announced it would acquire Permian pure-play Pioneer in an all-equity transaction valued at about $59.5 billion, plus the assumption of about $5 billion in debt. We expect the deal will double the company?s production in the Permian basin to about 1.3 million barrels of oil equivalent per day (boe/d), and ExxonMobil expects to grow its combined Permian basin production to about 2 million boe/d by 2027. The deal increases total company production and proved reserves by about 20% and 15%, respectively. We view the transaction as slightly deleveraging given Pioneer?s low-cost production base, strong balance sheet, and the deal?s all-equity financing. We expect

...April 17, 2024 We expect ExxonMobil's credit measures will remain solid over our forecast period, supported by its strong balance sheet and announced acquisition of Pioneer Natural Resources Co. We incorporate the company's acquisition of Pioneer into our estimates beginning in mid-2024. In October 2023, ExxonMobil announced it would acquire Permian pure- play Pioneer in an all-equity transaction valued at about $59.5 billion, plus the assumption of about $5 billion in debt. We expect the deal will double the company's production in the Permian basin to about 1.3 million barrels of oil equivalent per day (boe/d), and ExxonMobil expects to grow its combined Permian basin production to about 2 million boe/d by 2027. The deal increases total company production and proved reserves by about 20% and 15%, respectively. We view the transaction as slightly deleveraging given Pioneer's low-cost production base, strong balance sheet, and the deal's all-equity financing. We expect 2024 production (including...

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