On October 11, local time, Exxon Mobil Corporation (Exxon Mobil Corporation) and shale oil production giant Pioneer Natural Resources (Pioneer Natural Resources) issued a joint statement, announcing the final ExxonMobil acquisition of Pioneer Natural Resources company agreement.

The merger is an all-stock transaction valued at $59.5 billion, or $253 per share, based on Exxon's Oct. 5 closing price, according to the statement. Under the terms of the agreement, Pioneer Natural Resources shareholders will receive 2.3234 shares of ExxonMobil for each share they own at the time of closing. The total value of the deal, including net debt, is about $64.5 billion, making it the largest acquisition in the global oil and gas industry in nearly two decades.
Zhou Xiaolai, chairman of the Joint Unconventional Energy Research Centre in Shanghai, said the ExxonMobil-Vanguard merger could further boost US shale oil and gas production growth.
Mr Zhou said oil and gas were indeed likely to remain at the heart of the global energy mix for the foreseeable future. Despite the increasing attention and investment in renewable energy, oil and gas still cannot be easily replaced in the global energy supply due to existing infrastructure and technologies, as well as the high energy density of fossil fuels. The ExxonMobil/Pioneer merger is further proof of this view, showing that Big Oil's optimism about the prospects of traditional energy is also a "demonstration" role for other energy companies.