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ExxonMobil merges with Pioneer Natural Resources in $59.5B deal

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ExxonMobil is buying fracking giant Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, the oil and gas corporation announced Wednesday.

Exxon is committing about $64.5 billion, including debt, to the acquisition – the oil giant’s largest merger since merging with Mobil in 1999. The transaction gives the company an improved foothold in the Permian Basin of West Texas and New Mexico.

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