Exxon Mobil Corporation, a leading oil and gas firm, announced last Friday that it has successfully completed the purchase of Pioneer Natural Resources Company. Darren Woods, ExxonMobil's CEO, referred to this significant acquisition as a premier tier-one asset, harmoniously supplementing ExxonMobil's existing Permian portfolio. He further asserted that this merger would allow for the increased application of their technology, promoting operating and capital efficiency, ultimately driving long-term shareholder value.
Following this merger, ExxonMobil's production volume from the Permian is projected to more than double, reaching 1.3 million barrels of oil equivalent per day (MOEBD) by 2023. The company also expects that this figure could see an increase to approximately 2 MOEBD in 2027, as per their initial estimates.
Together, the two companies control over 1.4 million net acres in the Delaware and Midland basins, boasting an estimated oil equivalent resource of 16 billion barrels.
