ExxonMobil completes acquisition of Pioneer Natural Resources

ExxonMobil has finalized its acquisition of Pioneer Natural Resources, significantly expanding its operations in the Permian Basin. The merger more than doubles ExxonMobil's Permian footprint, enhancing its production capabilities to potentially reach 2 million barrels of oil equivalent per day by 2027. This strategic integration combines Pioneer's extensive Permian expertise with ExxonMobil's technological and financial resources, aiming for high efficiency and reduced environmental impact.

In terms of environmental goals, the acquisition accelerates Pioneer's net-zero emissions target from 2050 to 2035, aligning with ExxonMobil's broader sustainability initiatives. ExxonMobil plans to implement advanced methane reduction technologies and increase recycled water use in fracturing operations to over 90% by 2030, furthering efforts to minimize the environmental footprint of their expanded Permian operations.