13 May 2024listing compliance notice▼ BadMajor
PIONEER NATURAL RESOURCES CO deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2024listing compliance notice● NeutralMajor
PIONEER NATURAL RESOURCES CO's exchange filed to remove a class of its securities from listing.
3 May 2024business combination▲ GoodMajor
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.
5 Dec 2023business combination▼ BadMajor
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.
11 Oct 2023business combination▲ GoodMajor
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.
11 Oct 2023business combination▲ Good
ExxonMobil framed the merger as combining Pioneer's 850,000+ net Permian acres with its own 570,000, creating roughly 16 billion barrels of combined Permian resource, and said it would pull forward Pioneer's net-zero target from 2050 to 2035.
31 May 2023material agreement● Neutral
Pioneer amended its revolving credit agreement to switch its benchmark interest rate from LIBOR to Term SOFR as LIBOR was phased out; other loan terms were unchanged.
29 Mar 2023debt financing● Neutral
Pioneer raised $1.1 billion in new notes due 2026 at 5.10% - a far higher coupon than its 2020 pandemic-era borrowing, reflecting the much higher interest-rate environment of 2023.
21 Dec 2021asset acquisition disposition▲ GoodMajor
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.
5 Nov 2021material agreement▲ GoodMajor
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.
18 May 2021debt financing● Neutral
Pioneer issued another $750 million of senior notes, continuing to term out debt following the back-to-back Parsley and DoublePoint acquisitions.
4 May 2021asset acquisition disposition▲ GoodMajor
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.
2 Apr 2021capital raising announcement▲ GoodMajor
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.
24 Feb 2021financial restatement▼ BadMajor
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.
29 Jan 2021debt financing● NeutralMajor
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.
12 Jan 2021business combination▲ GoodMajor
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.
5 Jan 2021business combination● Neutral
As the Parsley shareholder vote approached, Pioneer disclosed that a dozen lawsuits challenging the merger's proxy disclosures had been filed - typical deal litigation that did not derail the transaction.
21 Oct 2020business combination● Neutral
The formal merger agreement structured the Parsley deal as a three-step merger, with Parsley and its operating subsidiary becoming wholly owned by Pioneer once completed.
20 Oct 2020business combination▲ GoodMajor
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.
11 Aug 2020debt financing▲ Good
Pioneer issued $1.1 billion of new 10-year notes at a low 1.90% rate, locking in cheap long-term financing during the pandemic downturn.
15 May 2020capital raising announcement● NeutralMajor
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.
6 Apr 2020debt financing● NeutralMajor
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.
30 Oct 2018debt financing● Neutral
Pioneer replaced its 2011 revolving credit facility with a new $1.5 billion, five-year revolver led by Wells Fargo; nothing was drawn against it at signing.