Shale Megadeal: Exxon Buys Pioneer Natural Res. for $64.5 Billion
Sometimes, news comes along in the oil and gas world that is so big, even when it doesn’t directly involve the Marcellus/Utica, we feel a responsibility to report it. Today is one of those days. The rumor mill has been swirling for weeks that Exxon Mobil is interested in buying Pioneer Natural Resouces, the number one producer in the Permian Basin. Exxon is currently the number five Permian producer. This morning, a deal was announced. Exxon is buying Pioneer in an all-stock deal valued at $59.5 billion, plus assuming $5 billion in debt, for a total deal value of $64.5 billion.
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In 2015, Kelsy Warren and his Energy Transfer Equity (now just Energy Transfer) company pursued Williams, wanting to merge Williams into its operation. Williams initially fought ET tooth and nail, but in the end, caved and cut a deal (see 
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MARCELLUS/UTICA REGION: Natural gas prices will decrease in W.Va. for 2023-24; NATIONAL: Electric vehicles all queued up with nowhere to go; U.S. crude oil exports reached a record high in first half of 2023; Exxon to buy shale rival Pioneer for $59.5 billion in stock; INTERNATIONAL: Spot LNG prices languish ahead of seasonal demand uptick; OPEC will have a pavilion at COP climate summit for first time; Israel-Hamas conflict directly impacts oil and gas prices.