PIONEER NATURAL RESOURCES CO

PIONEER NATURAL RESOURCES CO deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

PIONEER NATURAL RESOURCES CO's exchange filed to remove a class of its securities from listing.

listing compliance notice

The ExxonMobil merger completed on May 3, 2024: each Pioneer share converted into 2.3234 ExxonMobil shares, Pioneer's roughly $450 million of remaining 2020 convertible notes were repapered to convert into ExxonMobil shares instead, and Pioneer terminated its revolving credit facility - ending Pioneer as an independent public company.

business combination

Regulatory review of the ExxonMobil merger deepened in December 2023 when the FTC issued a "second request" for more information, extending the antitrust waiting period; both companies still expected to close in the first half of 2024.

business combination

ExxonMobil agreed to acquire Pioneer in an all-stock deal valued at $59.5 billion ($253/share, or 2.3234 ExxonMobil shares per Pioneer share) - about $64.5 billion including debt - by far the largest deal in Pioneer's history, more than doubling ExxonMobil's Permian Basin footprint.

business combination

The Continental Resources sale closed on December 21, 2021 for $3.1 billion cash after adjustments, completing Pioneer's exit from the Delaware Basin acreage it had picked up in the Parsley merger.

asset acquisition disposition

Pioneer agreed to sell Jagged Peak Energy (acquired via the Parsley merger) and other Delaware Basin assets to Continental Resources for $3.25 billion cash, trimming the newly enlarged portfolio back toward its core Midland Basin focus.

material agreement

The DoublePoint acquisition closed on May 4, 2021; the sellers received registration rights letting them eventually resell the Pioneer shares issued as part of the deal.

asset acquisition disposition

Pioneer agreed to buy DoublePoint Energy's Permian subsidiary, Double Eagle, for $1.0 billion cash plus 27.2 million Pioneer shares - its second major Permian bolt-on in six months, after Parsley.

capital raising announcement

Pioneer disclosed that its unaudited Q3 2020 financial statements could no longer be relied on: two long-term marketing contracts should have been booked as derivatives, a non-cash correction that widened the reported quarterly net loss from $20 million to $85 million.

financial restatement

Days after closing the Parsley merger, Pioneer raised $2.5 billion in new senior notes across three maturities (2024, 2026 and 2031), financing the combined, enlarged company.

debt financing

Pioneer's and Parsley's shareholders approved the merger and it closed on January 12, 2021, making Parsley a wholly-owned Pioneer subsidiary; Parsley CEO Matt Gallagher and director A.R. Alameddine joined the Pioneer board.

business combination

Pioneer agreed to acquire Parsley Energy in an all-stock deal valued at about $4.5 billion for the shares (roughly $7.6 billion including Parsley's assumed debt), combining the two companies' neighboring Permian Basin acreage; Parsley shareholders would get 0.1252 Pioneer shares for each Parsley share.

business combination

Pioneer also raised $1.15 billion (upsized from a planned $1.0 billion) through low-interest convertible notes due 2025, adding to the liquidity it built during the 2020 oil-price crash; the notes are convertible into up to about 15.7 million Pioneer shares.

capital raising announcement

As oil prices collapsed in the early weeks of the COVID-19 crisis, Pioneer lined up a second, shorter-term credit facility (up to $1 billion) alongside its existing revolver as a precautionary liquidity buffer; it drew nothing from it.

debt financing