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Fitch Places Pioneer on Positive Watch Following Announced ... - Fitch Ratings

Fitch Ratings - Chicago - 12 Oct 2023: Fitch Ratings has placed the 'BBB+' Long-Term Issuer Default Ratings (IDRs) and all issue-level ratings of Pioneer Natural Resources Co. and Parsley Energy, LLC (collectively Pioneer) on Rating Watch Positive (RWP).The RWP placement follows the announcement that ExxonMobil Corp. (Exxon) has entered into a definitive agreement to acquire Pioneer in an all-stock acquisition valued at approximately $60 billion. As contemplated, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at close. The deal meaningfully enhances Exxon's Permian footprint by adding a significant amount of high-quality acreage, oil-weighted production and long-term drilling inventory in the core of the Midland Basin.

fitchratings.com     Oct 12, 2023