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Traders work under monitors displaying Exxon Mobil Corp. signage on the floor of the New York Stock Exchange (NYSE) in New York.
Michael Nagle | Bloomberg | Getty Images
Exxon Mobil said Wednesday it agreed to buy shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal.
As part of the agreement, Pioneer shareholders will receive 2.3234 shares of Exxon for every Pioneer share they own. The deal is expected to close in the first half of 2024, the companies said in a release.
Pioneer shares were up around 1% in the premarket, while Exxon lost 1.5%.
“The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” Exxon Mobil CEO Darren Woods said in a statement.
This is breaking news. Please check back for updates.
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