ExxonMobil completes acquisition of Pioneer Natural Resources

ExxonMobil officially closed its acquisition of Pioneer Natural Resources Company on May 3.

According to an ExxonMobil press release, the combined company will boast over 1.4 million net acres across the Delaware and Midland basins, with an estimated 16 billion barrels of oil equivalent resource.

ExxonMobil’s Permian Basin production volume will more than double to 1.3 million barrels of oil equivalent per day (MOEBD), based on 2023 volumes, and is expected to increase to approximately two MOEBD in 2027, based on initial estimates, according to the release. The increase is attributed to the synergies between Pioneer's Permian inventory and basin knowledge and ExxonMobil's proprietary technologies, financial resources, and project execution performance.

"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," said Chairman and CEO of ExxonMobil Darren Woods.

According to the release, ExxonMobil aims to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from its Permian Basin operations by 2030. With the merger, ExxonMobil accelerates Pioneer's net-zero emissions goal from 2050 to 2035 and pledges to reduce combined methane emissions using advanced monitoring technologies. ExxonMobil also plans to increase the utilization of recycled water in Permian fracturing operations to over 90% by 2030.

ExxonMobil is an international energy and petrochemical company with businesses in upstream, product solutions and low carbon solutions, according to its website. ExxonMobil delivers products such as energy, chemicals, lubricants, and emissions-reducing technologies.

Pioneer is a national independent oil and gas exploration and production company headquartered in Dallas.