Davis Polk, Gibson Dunn Advised on ExxonMobil’s $60 Billion Acquisition of Pioneer Natural Resources
Davis Polk, Gibson Dunn Advised on ExxonMobil’s $60 Billion Acquisition of Pioneer Natural Resources
International law firm Davis Polk & Wardwell LLP is advising ExxonMobil on its acquisition of rival Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion, the largest transaction so far this year.
Pioneer is being advised by Gibson, Dunn & Crutcher LLP.
This acquisition is Exxon’s largest since it acquired Mobil for $75.3 billion in 1999. The deal, valued at $253 per share, will make Exxon the largest producer in the Permian Basin, the largest oilfield in the US.
The Davis Polk team advising ExxonMobil on its acquisition of Pioneer Natural Resources includes partners Louis Goldberg, Oliver Smith, and Shanu Bajaj, as well as associates Heather Weigel and Edwin Paillant. Partner David Schnabel and associate Constance Zhang are providing tax advice, and partner Jennifer Conway and counsel Charlotte Fabiani and Joseph Brown are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.
The Gibson Dunn corporate team advising Pioneer Natural Resources is led by partners Jeffrey Chapman and Tull Florey and includes partners Andrew Kaplan and Michael Darden, and associates Phillip Sanders, Jonathan Sapp, Jordan Rex, Benjamin Lefler, William Altabef, Alexis Levine, and Graham Valenta. Partners Darius Mehraban and Doug Horowitz, and Of Counsel Adam Lapidus, are advising on financing. Partners Michael Cannon and Eric Sloan, of counsel Jennifer Sabin, and associates Josiah Bethards and Duncan Hamilton are advising on tax aspects, while partner Krista Hanvey and associate Gina Hancock are advising on benefits. Partners Stephen Weissman, Chris Wilson, and Sophia Hansell, and associates Zoë Hutchinson and Steve Pet, are advising on antitrust aspects.
Citi and Centerview Partners acted as financial advisors to ExxonMobil on its acquisition of Pioneer Natural Resources, while Goldman Sachs, Morgan Stanley, Petrie Partners, and Bank of America Securities acted as financial advisors to Pioneer. The deal is expected to close in early 2024.
