Connection

popular articles

COP29: Call for Accelerated Climate Finance Commitments
China Optimizes Petrochemical Production with 50 Million Tons Capacity
India challenges Chinese $137 billion dam near its border
Iraq: TotalEnergies transforms flared gas into sustainable electricity
India and NHPC invest 660 million USD for 1,000 MW in Bihar

Acquisition of Pioneer Natural Resources by ExxonMobil

A historic merger reshapes the future of the US energy industry.
Pioneer-Exterieur

Please share:

The purchase of Pioneer Natural Resources by ExxonMobille, one of the leading producers of shale oil and gas in the United States, is valued at around $60 billion. Scheduled to close in the first half of 2024, the deal marks a major turning point for ExxonMobil, giving it a new position of strength in the Permian Basin, a strategic oil-producing region stretching across western Texas and southeastern New Mexico.

A historic merger

This is the largest acquisition for ExxonMobil since its merger with Mobil in 1999. The transaction will be all-equity, with a purchase price of $59.5 billion, based on ExxonMobil’s closing price on October 5. Including debt, the total value of the transaction is estimated at around $64.5 billion, according to information provided by the two companies.

Economic context

In 2022, ExxonMobil posted a record net profit of $55.7 billion, mainly due to the rise in hydrocarbon prices caused by the recovery in global demand and tensions over Russian oil supply. This strong financial performance left ExxonMobil with considerable liquidity, enabling it to complete this major transaction.

Dallas, Texas-based Pioneer Natural Resources, founded in 1997, employs over 2,000 people, according to its website. In 2022, the company posted net earnings of $7.8 billion, with sales of $24.29 billion.

Future implications

The merger between ExxonMobil and Pioneer Natural Resources could reshape the landscape of the US oil and gas industry. This acquisition will enable ExxonMobil to strengthen its position in the energy sector, particularly in shale, which continues to drive hydrocarbon production in the United States. However, it will also raise questions about the concentration of power in the energy sector and its impact on environmental sustainability.

In short, the merger between ExxonMobil and Pioneer Natural Resources represents a major operation in the American oil and gas industry. It marks a significant turning point for ExxonMobil, which consolidates its position in the energy sector with this acquisition. This operation has far-reaching implications for the future of the energy industry, and is sure to spark debate on its environmental and economic impact. Stay tuned for the latest developments in this merger.

Register free of charge for uninterrupted access.

Publicite

Latest news

Record-breaking 1.7 GW of US Community Solar Installed in 2024
Launch of the 100 MW Bramley Energy Storage Project in the UK
Hyvia, Renault’s hydrogen joint venture, placed in liquidation
Growth of the Lithium-Ion Battery Recycling Market: A Report from Deloitte and CAS Analyzes Key Trends
Orano envisages a long and uncertain restart for its uranium mine in Niger

Recently published in

Aramco acquires 25% of Unioil to Expand Its Retail Network in the Philippines

Aramco strengthens its presence in the Philippine fuel market by acquiring 25% of Unioil, with the intent to expand its network of service stations and offer its refined products and Valvoline lubricants across the country.
Black Gold begins drilling at the Fritz 2-30 well in the Illinois Basin
Black Gold Exploration (BGX) has announced the start of drilling at the Fritz 2-30 well in Clay County, Indiana, after acquiring a 10% working interest in the project.
en_1140290943540-14
Black Gold begins drilling at the Fritz 2-30 well in the Illinois Basin
Black Gold Exploration (BGX) has announced the start of drilling at the Fritz 2-30 well in Clay County, Indiana, after acquiring a 10% working interest in the project.
en_1140290943540-14
Angola: New Prospective Studies on Oil Blocks 17 and 32 to Maintain Production
Angola initiates new prospective studies on oil blocks 17/O6 and 32/21, aiming to identify drilling targets and avoid a prolonged decline in oil production.
en_1140290958540-13
Angola: New Prospective Studies on Oil Blocks 17 and 32 to Maintain Production
Angola initiates new prospective studies on oil blocks 17/O6 and 32/21, aiming to identify drilling targets and avoid a prolonged decline in oil production.
en_1140290958540-13
Putin Asks Kazakhstan’s Partners to Fund CPC Pipeline Repairs After Drone Attack
A drone attack on the Caspian Pipeline Consortium (CPC) threatens to disrupt Kazakhstan's oil exports. Vladimir Putin urges foreign partners, including Chevron, to fund the necessary repairs.
en_1140290943540-13
Putin Asks Kazakhstan’s Partners to Fund CPC Pipeline Repairs After Drone Attack
A drone attack on the Caspian Pipeline Consortium (CPC) threatens to disrupt Kazakhstan's oil exports. Vladimir Putin urges foreign partners, including Chevron, to fund the necessary repairs.
en_1140290943540-13

Glencore Posts Loss in 2024 and Considers Changing Stock Exchange

Glencore announces a financial loss in 2024, attributed to a drop in demand and fluctuations in commodity prices, while considering a stock exchange move to strengthen its strategic position.
Rhino Resources discovers oil reserves in Namibia’s offshore
Three months after expressing its oil ambitions in Namibia, Rhino Resources announced the discovery of reserves on block 2914 in the Orange offshore basin, a strategic development for the company.
en_1140290950540-12
Rhino Resources discovers oil reserves in Namibia’s offshore
Three months after expressing its oil ambitions in Namibia, Rhino Resources announced the discovery of reserves on block 2914 in the Orange offshore basin, a strategic development for the company.
en_1140290950540-12
Brazil Joins OPEC Charter and Positions Itself on the Global Energy Market
Brazil has officially joined the OPEC Charter, strengthening its position in the global energy sector while consolidating its place among influential producers.
en_1140290956540-12
Brazil Joins OPEC Charter and Positions Itself on the Global Energy Market
Brazil has officially joined the OPEC Charter, strengthening its position in the global energy sector while consolidating its place among influential producers.
en_1140290956540-12
Woodside revises upward the oil reserves of the Sangomar field
Woodside Energy has reassessed the reserves of the offshore Sangomar oil field in Senegal, adding 16.2 million barrels of oil equivalent to the proven reserves. This update supports production stability and strengthens the supply to the national refinery.
en_1140290953540-11
Woodside revises upward the oil reserves of the Sangomar field
Woodside Energy has reassessed the reserves of the offshore Sangomar oil field in Senegal, adding 16.2 million barrels of oil equivalent to the proven reserves. This update supports production stability and strengthens the supply to the national refinery.
en_1140290953540-11

Kazakhstan and Hungary Agree on Oil Exports via Druzhba Pipeline

An agreement was signed in February 2025 between Kazakhstan and Hungary to enhance oil exports from Kazakhstan via the Druzhba pipeline. This development could change the energy dynamics in Central Europe.
Yemen’s Oil Minister Urges Iran to Halt Houthi Support as the Country Eyes Gas Exports Again
Yemen's Oil Minister, Saeed Suleiman al-Shamasi, recently urged Iran to stop supporting Houthi rebels, as the war-torn country seeks to revive its natural gas exports. This plea was made amid a dire energy crisis and a deteriorating geopolitical situation.
en_1140290943540-12
Yemen’s Oil Minister Urges Iran to Halt Houthi Support as the Country Eyes Gas Exports Again
Yemen's Oil Minister, Saeed Suleiman al-Shamasi, recently urged Iran to stop supporting Houthi rebels, as the war-torn country seeks to revive its natural gas exports. This plea was made amid a dire energy crisis and a deteriorating geopolitical situation.
en_1140290943540-12
Iraq Prepares to Resume Kurdish Oil Exports via Turkey
Baghdad announces an agreement with Erbil to restart the export of 300,000 barrels per day via the Turkish port of Ceyhan. A government delegation will travel to Iraqi Kurdistan to finalize the export mechanism after two years of suspension.
en_1140290982540-2
Iraq Prepares to Resume Kurdish Oil Exports via Turkey
Baghdad announces an agreement with Erbil to restart the export of 300,000 barrels per day via the Turkish port of Ceyhan. A government delegation will travel to Iraqi Kurdistan to finalize the export mechanism after two years of suspension.
en_1140290982540-2
Congo: The Fouta Refinery Set to Be Operational by the End of 2025
Congo is set to inaugurate its second oil refinery by the end of the year. Located in Fouta, this facility, developed by Beijing Fortune Dingheng Investment, aims to reduce refined product imports and strengthen the country's energy independence.
en_1140290990540
Congo: The Fouta Refinery Set to Be Operational by the End of 2025
Congo is set to inaugurate its second oil refinery by the end of the year. Located in Fouta, this facility, developed by Beijing Fortune Dingheng Investment, aims to reduce refined product imports and strengthen the country's energy independence.
en_1140290990540

CNOOC starts production of the Buzios7 project off the coast of Brazil

The Buzios7 project, located in the Santos Basin, has officially begun production. With advanced processing capacity, it contributes to the goal of one million barrels per day for one of the world's largest deepwater oil fields.
Global Oil Demand to Rise Sharply in 2025, Says IEA
The International Energy Agency (IEA) forecasts an increase of 1.1 million barrels per day (mb/d) in 2025, driven by consumption in non-OECD countries. Global production is expected to follow an upward trend despite recent declines and market tensions.
en_1140290981540
Global Oil Demand to Rise Sharply in 2025, Says IEA
The International Energy Agency (IEA) forecasts an increase of 1.1 million barrels per day (mb/d) in 2025, driven by consumption in non-OECD countries. Global production is expected to follow an upward trend despite recent declines and market tensions.
en_1140290981540
Senegal launches oil refining with 90,000 tons produced
The Société Africaine de Raffinage (SAR) has announced that it has processed domestically extracted crude oil for the first time. This industrial milestone marks a strategic step in the local valorization of the country's energy resources.
en_1140290974540
Senegal launches oil refining with 90,000 tons produced
The Société Africaine de Raffinage (SAR) has announced that it has processed domestically extracted crude oil for the first time. This industrial milestone marks a strategic step in the local valorization of the country's energy resources.
en_1140290974540
Unexpected Increase in U.S. Oil Stocks: +4.1 Million Barrels
U.S. oil stocks increased by 4.1 million barrels last week, surpassing analysts' expectations, according to data from the U.S. Energy Information Administration (EIA).
en_1140290955540-10
Unexpected Increase in U.S. Oil Stocks: +4.1 Million Barrels
U.S. oil stocks increased by 4.1 million barrels last week, surpassing analysts' expectations, according to data from the U.S. Energy Information Administration (EIA).
en_1140290955540-10

OPEC Forecasts Oil Demand Increase in 2025, Driven by Transportation

OPEC anticipates a global consumption of 105.1 million barrels per day in 2025, driven by growth in transportation, particularly air and road traffic, with continuous growth expected until 2026.
Chevron Plans to Cut 15% to 20% of Its Workforce by 2026
Chevron announces a cost-cutting plan of $2 to $3 billion, resulting in the reduction of 15% to 20% of its workforce by 2026, aiming to simplify its organization and strengthen its long-term competitiveness.
en_1140290951540-10
Chevron Plans to Cut 15% to 20% of Its Workforce by 2026
Chevron announces a cost-cutting plan of $2 to $3 billion, resulting in the reduction of 15% to 20% of its workforce by 2026, aiming to simplify its organization and strengthen its long-term competitiveness.
en_1140290951540-10
Manuel Valls proposes opening the debate on oil exploitation in Guyana
Manuel Valls calls for a debate on banning oil exploitation in Guyana, while Minister of Ecological Transition, Agnès Pannier-Runacher, opposes, emphasizing the consistency of France's environmental commitments.
en_1140290947540-10
Manuel Valls proposes opening the debate on oil exploitation in Guyana
Manuel Valls calls for a debate on banning oil exploitation in Guyana, while Minister of Ecological Transition, Agnès Pannier-Runacher, opposes, emphasizing the consistency of France's environmental commitments.
en_1140290947540-10
BPCL secures a strategic contract with Petrobras for Brazilian crude oil imports
Bharat Petroleum Corporation Limited (BPCL) has signed a major agreement with Petróleo Brasileiro S.A. (Petrobras) for the import of Brazilian crude oil, strengthening India's energy supply diversification and reinforcing trade relations between the two nations.
en_1140290958540-9
BPCL secures a strategic contract with Petrobras for Brazilian crude oil imports
Bharat Petroleum Corporation Limited (BPCL) has signed a major agreement with Petróleo Brasileiro S.A. (Petrobras) for the import of Brazilian crude oil, strengthening India's energy supply diversification and reinforcing trade relations between the two nations.
en_1140290958540-9

ONGC and bp sign a strategic agreement for oil exploration

ONGC and bp have signed a memorandum of understanding to jointly explore opportunities in oil exploration, production, and trading. This three-year agreement aims to optimize mature fields and strengthen their presence in offshore bidding rounds in India.
Equinor shifts its strategy towards oil and gas in Africa
Norwegian group Equinor plans to increase its oil and gas production by more than 10% by 2027. Facing economic constraints, the company is halving its investments in renewable energy and strengthening its presence in Africa, particularly in Tanzania.
en_1140290947540-8
Equinor shifts its strategy towards oil and gas in Africa
Norwegian group Equinor plans to increase its oil and gas production by more than 10% by 2027. Facing economic constraints, the company is halving its investments in renewable energy and strengthening its presence in Africa, particularly in Tanzania.
en_1140290947540-8
Equatorial Guinea: A New Oil and Gas Licensing Round to Revive the Sector
Facing a decline in oil production, Equatorial Guinea is preparing to launch a new cycle of oil and gas license allocations. This initiative aims to attract investors to boost exploration and stabilize the hydrocarbon industry in a challenging economic context.
en_1140290954540-8
Equatorial Guinea: A New Oil and Gas Licensing Round to Revive the Sector
Facing a decline in oil production, Equatorial Guinea is preparing to launch a new cycle of oil and gas license allocations. This initiative aims to attract investors to boost exploration and stabilize the hydrocarbon industry in a challenging economic context.
en_1140290954540-8
Dangote Refinery Nears Full Capacity Despite Supply Challenges
Dangote Refinery, Africa’s largest, could reach its full potential of 650,000 barrels per day within 30 days. Currently operating at 85% capacity, it faces crude oil supply challenges despite pressure from Nigeria’s regulatory authorities.
en_1140290945540-8
Dangote Refinery Nears Full Capacity Despite Supply Challenges
Dangote Refinery, Africa’s largest, could reach its full potential of 650,000 barrels per day within 30 days. Currently operating at 85% capacity, it faces crude oil supply challenges despite pressure from Nigeria’s regulatory authorities.
en_1140290945540-8

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS