As part of the agreement, Pioneer shareholders will receive 2.3234 shares of Exxon for every Pioneer share they own. The deal is expected to close in the first half of 2024, the companies said in a release."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 standalone basis," Exxon Mobil CEO Darren Woods said in a statement.
"As importantly, as we look to combine our companies, we bring together environmental best-practices that will lower our environmental footprint and plan to accelerate Pioneer's net-zero plan from 2050 to 2035," Woods added. Pioneer Chief Executive Scott Sheffield also noted that the company will be"be better positioned for long-term success through a size and scale that spans the globe and offers diversity through product and exposure to the full energy value chain" once the acquisition is completed.Stock futures rise slightly ahead of key economic data as yields fall again
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