M&A · Energy · Crude Petroleum & Natural Gas
Exxon Mobil Corp to acquire Pioneer Natural Resources Co
Announced Oct 11, 2023 · Closed May 3, 2024
Deal value$59.50BEV $59.50B
Premium19.9%To unaffected price
EV / Adj. EBITDA5.8x2.9x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Exxon Mobil Corp (XOM)
- Target
- Pioneer Natural Resources Co
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $59.50B
- Status
- Closed May 3, 2024
Deal protections
- Break fee (target pays)
- $1.81B · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup, Centerview
- To the target
- Goldman Sachs, Morgan Stanley, Petrie Partners, BofA Securities
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- 19.9% vs. 19.6% sector median
- EV / Adj. EBITDA
- 5.8x vs. 8.7x sector median
- Break fee
- 3.1% vs. 2.9% sector median
Timeline
- AnnouncedOct 11, 2023
- Proxy filedJan 8, 2024
- Definitive proxyJan 8, 2024
- Shareholder voteFeb 7, 2024
- ClosedMay 3, 2024
Valuation · fairness opinions
Discounted cash flow$207.34$262.40
Future share price$208.99$274.83
Premiums paid$208.73$246.77
Implied value per Pioneer Natural Resources Co share by analysis, from Goldman Sachs · DCF discount rate 9.5%–10.5%.