ExxonMobil is approaching giant acquisitions

ExxonMobil is approaching giant acquisitions

In April, it became known that ExxonMobil entered into talks with Pioneer Natural Resources about a possible acquisition. People familiar with the matter now say that the agreement could be signed within a few days, according to the American “space” website. The Wall Street Journal. They point out that there is still a risk that the agreement could fail.

According to the Wall Street Journal, there is talk of an agreement worth $60 billion. The agreement could therefore become the largest of the year, after Pfizer bought cancer drug company Seagen Inc. Compared to $43 billion in March. The market value of shale oil giant Pioneer Natural Resources is about $50 billion.

If the deal goes through, it would be Exxon’s largest since its giant merger with Mobil in 1999. The potential acquisition would give the company a dominant position in the oil-rich Permian Basin in West Texas and New Mexico, a region the oil giant owns. He said it is critical to their growth plans.

Record year

ExxonMobil’s market value is $436 billion. After announcing record profits of $55.7 billion in 2022, the company has plenty of cash and has been considering more growth options for a long time.

The company announced yesterday that its profits in the third quarter will rise significantly compared to the second quarter due to the rise in oil and gas prices. According to the oil giant, its operating profits will range between $8.3 and $11.4 billion in the third quarter.

This is a decrease from the same period last year when they achieved a profit of $19.7 billion, but it is ahead of the second quarter of the current year when they achieved a profit of $7.9 billion.

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Dalila Awolowo

Dalila Awolowo

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