Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Merger or Acquisition (December 2025)
15 slides from Exxon Mobil's merger presentation, Dec 9, 2025
Slide 1: Merger of ExxonMobil and Pioneer enables a unique value creation opportunity
+ 2023 Investor Update Merger of ExxonMobil and Pioneer enables a unique value creation opportunity 10.11.2023
Slide 2: Cautionary statement
Cautionary statement Important Information about the Transaction and Where to Find It In connection with the proposed transaction between Exxon Mobil Corporation (“ExxonMobil”) and Pioneer Natural Resources Company (“Pioneer”), ExxonMobil and Pioneer will file relevant materials with the Securities
Slide 3: Cautionary statement
Cautionary statement Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this con
Slide 4: Unlocks significant value for ExxonMobil and Pioneer shareholders
Unlocks significant value for ExxonMobil and Pioneer shareholders • Combination transforms ExxonMobil’s Upstream portfolio — Creates industry-leading undeveloped high-quality, high-return U.S. unconventional inventory with plans to reach ~2 Moebd of Permian production by 2027 — Increases short-cycle
Slide 5: Combination transforms ExxonMobil's Upstream portfolio
Combination transforms ExxonMobil’s Upstream portfolio Creates industry-leading undeveloped high-quality, high-return U.S. unconventional inventory Pioneer’s contiguous, high-quality acreage enhances ExxonMobil’s Permian position • Adds 856,000 net acres in Midland Basin to ExxonMobil’s 570,000 net
Slide 6: Combination transforms ExxonMobil's Upstream portfolio
Combination transforms ExxonMobil’s Upstream portfolio Increases short-cycle capital flexibility and lower-cost-of-supply production in the United States Compound annual production growth rate of >8% for 2023 – 2027 • Increases ExxonMobil’s total 2027 production to >5 Moebd Koebd, net, $60/bbl real
Slide 7: Generate double-digit returns by recovering more resource, more efficiently
Generate double-digit returns by recovering more resource, more efficiently Combining the capabilities and know-how of both companies • Leveraging ExxonMobil’s scale, technology, and industry-leading development to increase resource recovery, delivering leading capital efficiency and cost performanc
Slide 8: Generating double-digit returns with lower environmental impact
Generating double-digit returns with lower environmental impact Accelerating Pioneer’s net-zero plan from 2050 to 2035 and lowering collective environmental footprint • ExxonMobil will leverage its Permian GHG reduction plans to accelerate Pioneer’s net zero emissions plan by 15 years • Will lower b
Slide 9: Maximizing Permian value across ExxonMobil's full value chain
Maximizing Permian value across ExxonMobil’s full value chain Integrated logistics connect high-value, light Permian crude from both companies to ExxonMobil’s premier refinery and chemical footprint on the U.S. Gulf Coast Logistics advantages • Most efficient logistics to U.S. Gulf Coast refineries
Slide 10: Combination unlocks significant value for shareholders
Combination unlocks significant value for shareholders Unique value creation opportunity results in significant synergies, driving double-digit shareholder returns Total annual average value of synergies • Exchange ratio of 2.3234 ExxonMobil shares for each Pioneer over the next decade share represe
Slide 11: Combination enhances shareholder value
Combination enhances shareholder value Strengthens U.S. economy and energy security Creates leading Transforms Increases resource undeveloped high- ExxonMobil’s Upstream recovery by leveraging quality, high-return U.S. portfolio: increases scale, technology, and unconventional share of low cost-of-
Slide 12: Darren Woods, ExxonMobil Chairman and CEO quote
Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis.” Darren Woods ExxonMobil Ch
Slide 13: Scott Sheffield, Pioneer CEO quote
The consolidated company will maintain its leadership position, driving further efficiencies through the combination of our adjacent, contiguous acreage in the Midland Basin and our highly talented employee base, with the improved ability to deliver durable returns, creating tangible value for share
Slide 14: Pioneer
PIONEER NATU QSA 10.11.2023
Slide 15: Supplemental information
Supplemental information Actions needed to advance ExxonMobil’s 2030 and 2035 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Energy Outlook research and p