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Industries | Energy


EXXONMOBIL BUYS PIONEER IN MASSIVE $60 BILLION DEAL

ExxonMobil announced it will purchase Pioneer Natural Resources for just under
$60 billion, marking the largest oil-and-gas deal in decades.

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October 11, 2023
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Griffin Kelly

griffin@thedailyupside.com

October 11, 2023

It’s classic horizontal integration right out of the book of John D.
Rockefeller.

ExxonMobil announced it will purchase shale giant Pioneer Natural Resources for
just under $60 billion, marking the largest oil-and-gas deal in decades and
signifying that fossil fuels aren’t going anywhere just yet.


DRILL, BABY, DRILL

After Russia began its invasion of Ukraine, which sent gas prices sky-high,
you’d think oil companies would drill more to increase production. However, most
of them hung tight, blaming Wall Street for going into idle mode. According to a
Dallas Fed survey, nearly 60% of energy companies cited “investor pressure to
maintain capital discipline” as the primary reason they weren’t drilling. So,
ExxonMobil CEO Darren Woods just did the next best thing: He bought the
competition.

The all-stock deal values Pioneer at $253 per share, an 18% premium from when
The Wall Street Journal first broke rumors of a possible sale last week. Once
closed, Exxon will control 15% of the Permian Basin, the oil-rich area in
western Texas and northern Mexico. The added capacity will likely double Exxon’s
output in the region to 1.3 million barrels per day. The deal might spur other
oil giants like Chevron to start seeking out their own acquisitions, too.

But wait a minute — we thought companies were pulling back on oil and gas and
everything else that makes the planet hotter each year:

 * Climate change has seen many businesses planning to reduce fossil fuel
   production and shift to more sustainable energy sources like solar, wind, and
   hydropower. BP intends to cut a quarter of its oil and gas output by 2030.
   According to one report, climate change is the top reason investment funds
   choose to exclude companies from their portfolios.
 * On the other hand, plenty of companies just don’t see the lofty goals of
   carbon neutrality happening anytime soon — or even in the next few decades.
   This summer, Royal Dutch Shell CEO Wael Sawan argued that reducing fossil
   fuel production would worsen global inflation by limiting global energy
   supplies and pushing up bills.

Exxon CEO Woods addressed the issue very diplomatically, telling reporters, “As
long as the world needs oil and gas, we’ll all be focused on making sure that
they have the most efficient, effective and responsible operator making and
producing oil and gas, and doing it with the lowest carbon intensity.”

Regulator ramifications: With such a huge deal coming from two of the biggest
industry players, it wouldn’t be a shocker to see Federal Trade Commission Chair
Lina Khan step in and say, “Not so fast.” But Woods and Pioneer CEO Scott
Sheffield don’t seem too worried about antitrust concerns, saying the deal is
relatively small in the context of the Permian Basin, let alone the overall oil
and gas market. Plus the FTC might have bigger fish to fry — news recently came
out that Microsoft Gaming CEO Phil Spencer would love to buy Nintendo at some
point.

ExxonMobilTexasIndustriesIndustriesEnergy

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