Exxon Mobil Closes Acquisition Of Pioneer Natural Resources

(RTTNews) - Exxon Mobil Corporation (XOM), an oil and gas company, said on Friday that it has closed its acquisition of Pioneer Natural Resources Company (PXD).

Darren Woods, CEO of ExxonMobil, said: "This premier, tier-one asset is a natural fit for our Permian portfolio and gives us a greater opportunity to deploy our technology and deliver operating and capital efficiency for long-term shareholder value."

With this transaction, ExxonMobil's Permian production volume will more than double to 1.3 million barrels of oil equivalent per day or MOEBD, based on 2023 volumes, and is expected to increase to around 2 MOEBD in 2027, based on initial estimates.

The combined company's over 1.4 million net acres in the Delaware and Midland basins have an estimated 16 billion barrels of oil equivalent resource.