Exxon buys Pioneer – level 2

16-10-2023 15:00

Exxon Mobil agreed to acquire Pioneer Natural Resources, another big US company, in a deal worth 59.5 billion dollars.

This deal will make Exxon the largest producer in the Permian Basin, which is one of the most important oilfields in the United States. The deal has a value of 253 dollars per share. It unites the largest US oil company with Pioneer, an important player in the market.

The merged company has big plans to increase its oil and gas production and add 700,000 barrels per day within four years after the deal is ready. It would mean a total of 2 million barrels per day. Also, the company wants to reduce greenhouse gas emissions.

Experts think that the deal will be ready in early 2024.

Difficult words: acquire (to buy or get), share (one part of a company which anyone can buy), merged (joint).

You can watch the original video in the Level 3 section.

What are the expected benefits of Exxon Mobil's acquisition of Pioneer Natural Resources?


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