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Exxon’s $59.5 billion deal for Pioneer Natural Resources tops 2023 deals in moribund M&A market

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Exxon’s all-stock acquisition of Permian Basin oil and gas specialist beats out Pfizer’s $44.6 billion acquisition of Seagen in a weak year for deals thus far

Exxon Mobil Corp.’s plan to buy Pioneer Natural Resources Co. for $64.5 billion including debt ranks as the largest merger announced thus far in 2023, which has been a lackluster year for deal making.

Exxon Mobil’s stock was down by 3.2% in premarket trading. Pioneer Natural Resources moved up by 1.7%.The deal bumped Pfizer Inc.’s PFE, -0.56% $44.6 billion acquisition of Seagen Inc. SGEN, +0.08%, announced on March 13, out of its spot as the largest of the year, according to data from KPMG. That deal is followed by the $21.6 billion acquisition of Newcrest Mining Ltd. NCMGY, +1.87% by Newmont Corp. NEM, +0.51% and the $21.3 billion acquisition of WestRock Co. WRK, +0.62% by Smurfit Kappa Group Plc. SMFTF, -0.43%.

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Exxon Mobil agrees to buy Pioneer Natural Resources for nearly $60 billion in all-stock mergerThis is breaking news. Please check back for updates.
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