Exxon-Pioneer deal seeks value, but offers volume too

摘要

ExxonMobil will target longer wells and other productivity improvements to boost recovery rates from the prime assets in the Permian shale basin it is acquiring through a $59.5bn all-stock takeover of Pioneer Natural Resources. The top US oil major estimates $2bn/yr in savings from its biggest transaction since the 1999 merger with Mobil, with about two-thirds coming from improved resource recovery. “Volume is not the objective here, value is the objective for us,” senior vice-president Neil Chapman says. “We’re striving to get this balance between capital efficiency, production rate and resource recovery.”