ExxonMobil plans $60-bln oil and gas acquisition

USA

HOUSTON, October 6, 2023 – ExxonMobil is in advanced talks to acquire American E&P player Pioneer Natural Resources for around USD 60 billion, Reuters reported on Thursday.

Pioneer Natural Resources is the third-largest producer of oil on the giant Permian basin in the USA behind Chevron and ConocoPhillips and the largest crude producer in Texas.

The deal would be ExxonMobil’s largest purchase since its acquisition of Mobil in 1999.

ExxonMobil is the largest US oil producer with an average production of 3.8 billion boepd from its international operations.

In Q2 2023, ExxonMobil produced record production of around 620,000 boepd from its Permian basin assets.

Pioneer Natural Resources averaged production of 711,000 boepd during the same period.

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