Key facts
- Exxon Mobil will acquire Pioneer Natural Resources for approximately $59.5 billion.
- Chevron will acquire Hess Corp. for approximately $53 billion.
- Both deals are expected to close in the second half of 2024.
- The acquisitions are all-stock transactions.
- The deals are expected to strengthen the companies' positions in the Permian Basin.
Exxon Mobil and Chevron announced separate, all-stock deals to acquire Pioneer Natural Resources and Hess Corp., respectively, in transactions valued at approximately $120 billion combined. The acquisitions are poised to significantly expand the oil supermajors' presence in the Permian Basin, a prolific U.S. shale oil-producing region. Exxon Mobil's agreement to purchase Pioneer Natural Resources is valued at around $59.5 billion, while Chevron's deal to acquire Hess Corp. is worth approximately $53 billion. Both transactions are anticipated to be completed in the latter half of 2024, subject to regulatory and shareholder approvals. These moves signal a consolidation trend within the U.S. oil industry as major players seek to enhance their production capacity and reserves.