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Exxon Mobil closes $60B acquisition of Pioneer Natural Resources, solidifying its position as top producer in the Permian Basin

Exxon Mobil closes $60B acquisition of Pioneer Natural Resources, solidifying its position as top producer in the Permian Basin

05/03/24, 2:12 PM
Location
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Industry
oil and gas
energy
oil and gas
energy
Exxon Mobil Corp. has successfully completed its $60 billion acquisition of Pioneer Natural Resources, marking a significant milestone in reshaping the Permian Basin. The acquisition further cements Exxon Mobil's position as the top oil and gas producer in the region, doubling its production to 1.3 MMboe/d and providing a massive boost in the Midland Basin.

Company Info

Company
ExxonMobil
Location
Texas, United States
Company info
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies and services. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com, the Energy Factor, and ExxonMobil’s Advancing Climate Solutions. Follow us on Twitter and LinkedIn.

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