Exxon Mobil Corporation has officially concluded its acquisition of Pioneer Natural Resources Company, marking a transformative milestone in ExxonMobil’s upstream portfolio. This strategic move more than doubles the company’s footprint in the Permian Basin, combining Pioneer’s substantial acreage, entrepreneurial ethos, and industry expertise with ExxonMobil’s robust balance sheet, cutting-edge technologies, and unparalleled project development capabilities.
The merger establishes an Unconventional business with unparalleled development potential in the Permian Basin, boasting over 1.4 million net acres across the Delaware and Midland basins, holding an estimated 16 billion barrels of oil equivalent resource. ExxonMobil’s Permian production volume is set to soar, doubling to 1.3 million barrels of oil equivalent per day based on 2023 volumes, with projections to reach approximately 2 MOEBD by 2027.
By amalgamating Pioneer’s distinct Permian inventory and basin expertise with ExxonMobil’s proprietary technologies and financial prowess, the combined entity anticipates generating double-digit returns by enhancing resource recovery efficiency and minimising environmental impact.
Darren Woods, chairman and CEO of ExxonMobil, expressed enthusiasm about the merger, describing the premier asset as a seamless fit for ExxonMobil’s Permian portfolio. He emphasised the opportunity to leverage technology for operational and capital efficiency, driving long-term shareholder value while contributing to the country’s energy security, economy, and environmental goals.
In alignment with ExxonMobil’s commitment to environmental stewardship, the company aims to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from its Permian unconventional operations by 2030. Leveraging its industry-leading plans, ExxonMobil will accelerate Pioneer’s net-zero emissions goal from 2050 to 2035, while implementing advanced technologies to monitor and mitigate methane emissions. Additionally, ExxonMobil plans to enhance water recycling in Permian fracturing operations, targeting over 90 percent usage of recycled water by 2030, thereby reducing freshwater consumption and environmental impact.
For more information visit www.corporate.exxonmobil.com
