Exxon Mobil to Buy Pioneer in Biggest Oil Merger in Years

Exxon Mobil confirmed a deal to buy Pioneer Natural Resources, the biggest oil merger in years that cements it as the dominant producer in the Permian Basin region of the U.S.

“Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge,” said Exxon Mobil CEO Darren Woods. “The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a stand-alone basis.”

The deal comes after crude prices started to pick up again. Crude has mostly fallen this year after a strong climb in 2022 that led to record profits at Exxon and other Big Oil firms. The attack on Israel this week pushed prices higher on concerns that the conflict could disrupt global supply, illustrating the benefits of having more exploration acreage at home.

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