Pioneer Natural Resources Shareholders Approve $60 Billion Exxon Merger
[Click image to enlarge]
[Click image to enlarge]
During a virtual special meeting, Pioneer stockholders greenlit a merger with ExxonMobil, endorsing the merger agreement with a significant majority vote.
However, they rejected the proposed executive compensation related to the deal in a non-binding vote. The success of the merger isn’t contingent on this compensation approval, but it still requires regulatory approval and fulfillment of other closing conditions outlined in the agreement.
Pioneer and ExxonMobil continue to work constructively with the Federal Trade Commission in its review of the merger. Pioneer expects that the merger will be completed in the second quarter of 2024.
Exxon said in October an agreement was entered to acquire Pioneer Natural in an all-stock deal valued at $59.5 billion.
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses — upstream, product solutions, and low carbon solutions — provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. In 2021, ExxonMobil announced scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30 percent reduction in corporate-wide greenhouse gas intensity; a 40-50 percent reduction in greenhouse gas intensity of upstream operations; a 70-80 percent reduction in corporate-wide methane intensity; and a 60-70 percent reduction in corporate-wide flaring intensity. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.
Pioneer Natural Resources is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2024 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
