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Exxon Mobil is negotiating to acquire Pioneer Natural Resources in a deal valued at around USD 60 billion. The megadeal would allow ExxonMobil to enjoy a market leader position in shale oil production in the Permian Basin of Texas and New Mexico. Pioneer, with an enterprise value of around USD 56 billion has a dominant position in the basin that has powered America's journey to becoming one of the leading oil-producing nations in the world. Once completed, the M&A will turbocharger Exxon's already established unrivaled position in America's oil and gas industry.
The acquisition would be Exxon's biggest since its USD 81 billion deal with Mobil in 1998. As per shale analysts, this merger could also open other potential mergers and acquisitions as other oils major companies would find avenues to match ExxonMobil's scale of expansion.
ExxonMobil is one of the 10 largest oil and gas companies in the world. With a market value of USD 436 billion, it is the largest US oil-producing company. The company primarily focuses on the exploration, production, refining, and marketing of petroleum products, ranging from crude oil to natural gas and lubricants to petrochemicals. The company took its current name in 1999 when Exxon Corporation and Mobil Corporation merged to become one entity. ExxonMobil operates worldwide with a vast network of facilities, subsidiaries, and joint ventures. It is known for its extensive upstream and downstream operations.
ExxonMobil has been a leader in traditional oil production. However, the advancement of shale oil production technology has challenged its unrivaled position in the American oil and gas industry. Pioneer Natural Resources, on the other hand, is a Texas-based shale oil company. Pioneer is the third-largest producer of oil in the Permian basin after Chevron Corp. and ConocoPhillips. The relatively low cost of oil extraction is one of the key reasons why Exxon Mobil is eyeing acquiring Pioneer Natural Resources.
Acquiring Pioneer will give Exxon added leverage to increase shale production when a requirement arises. Exxon produced about 620,000 BOED (barrels of oil equivalent per day) in the Permian Basin during the second quarter. Comparatively, it was dwarfed by Pioneers' output in the basin, which was around 711,000 BOED (barrels of oil equivalent per day).
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