On Wednesday, Exxon Mobil announced its pending acquisition of shale exploration company Pioneer Natural Resources.
The merger is expected to be valued at $59.5 billion in an all-stock deal, with Pioneer shareholders receiving 2.3234 shares of Exxon Mobil for every one share of Pioneer in their possession.
The deal is expected to close during the first half of 2024.
This marks Exxon’s largest acquisition since it acquired Mobil in 1999.
