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The Independent UK
The Independent UK
National
Michelle Chapman

Exxon Mobil buys Pioneer Natural in $59.5 billion deal with energy prices surging

Exxon Pioneer Mobil Exxon Mobil Pioneer Natural Resources Oil
Copyright 2018 The Associated Press. All rights reserved.

Exxon Mobil Corp. is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas.

Including debt, Exxon is committing about $64.5 billion to the acquisition, leaving no doubt of the Texas energy company's commitment to fossil fuels.

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