ExxonMobil Corporation has closed its acquisition of Pioneer Natural Resources Company.

The merger of ExxonMobil and Pioneer creates an Unconventional business with the largest, high-return development potential in the Permian Basin. The combined company’s more than 1.4 million net acres in the Delaware and Midland basins have an estimated resource of 16 billion boe. ExxonMobil’s Permian production volume will more than double to 1.3 million boe/d, based on 2023 volumes, and is expected to increase to approximately 2 million boe/d in 2027, based on initial estimates.

Combining Pioneer’s differentiated Permian inventory and basin knowledge with ExxonMobil’s proprietary technologies, financial resources and industry-leading project execution excellence is expected to generate double-digit returns by recovering more resource, more efficiently and with a much lower environmental impact.

“This premier, tier-one asset is a natural fit for our Permian portfolio and gives us a greater opportunity to deploy our technology and deliver operating and capital efficiency for long-term shareholder value,” said ExxonMobil Chairman and CEO Darren Woods. “The combination of our two companies benefits this country’s energy security and economy, and also furthers society’s environmental ambitions as we move Pioneer’s 2050 net-zero goal to a 2035 plan.”

For more information, visit exxonmobil.com.