ExxonMobil Announces Merger with Pioneer Natural Resources in an All-Stock Transaction

• Transforms ExxonMobil’s upstream portfolio, more than doubling the company’s Permian footprint and creating an industry-leading, high-quality, high-return undeveloped U.S. unconventional inventory position
• Expect to generate double-digit returns by recovering more resource, more efficiently and with a lower environmental impact
• Combines Pioneer’s sizeable acreage, entrepreneurial culture and deep industry expertise with ExxonMobil’s balance-sheet strength, advanced technologies and industry-leading project development capabilities
• Plans to accelerate Pioneer’s net zero Permian ambition from 2050 to 2035
• Strengthens U.S. economy and energy security

Full press release