Exxon Mobil Seals $59.5 Billion Deal To Buy Permian Shale Giant Pioneer Natural Resources

Exxon Mobil (XOM) will buy Permian Shale giant Pioneer Natural Resources (PXD) for $59.5 billion, following reports over the past week that a deal was close. XOM stock fell slightly early Wednesday. Pioneer Natural rose modestly, already up solidly on takeover buzz.

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Exxon will pay $253 a share for Pioneer Natural Resources in the all-stock transaction. Investors will get 2.2324 Exxon shares for each PXD share.

The total enterprise value, including net debt, is $64.5 billion.

On Oct. 5, The Wall Street Journal reported that Exxon Mobil was close to a Pioneer Natural takeover deal for roughly $60 billion. Tuesday night, Bloomberg said a deal above $250 a share could come as soon as Wednesday. Back in April, the WSJ reported Exxon and Pioneer were in early talks.

PXD stock climbed 2% early Wednesday to about 242. Exxon edged lower.

On Tuesday, Pioneer advanced 0.8% to 237.41, while XOM stock dipped 0.2% to 110.45. At Tuesday’s close, Pioneer stock had a $55.35 billion market cap. Last Thursday, PXD stock had a $50.1 billion valuation.

Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.

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