Exxon to Acquire Rival Pioneer Natural in $59.5 Billion Deal

The acquisition deal would make ExxonMobil the largest oil producer in the Permian Basin.

Oil pumpjacks work in the Permian Basin oil field in Crane, Texas, on March 12, 2022. Joe Raedle/Getty Images

ExxonMobil said Wednesday it would buy U.S. shale driller Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, or $253 per share.

Including debt, the proposed deal rises to a value of $64.5 billion.