Exxon Mobil said Wednesday it agreed to buy shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal, or $253 per share.
As part of the agreement, Pioneer shareholders will receive 2.3234 shares of Exxon for every Pioneer share they own. The deal, Exxon’s biggest since the late 1990s, is expected to close in the first half of 2024, the companies said in a release.
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