$253/share in all-stock deal, 18% premium for Pioneer investors, based on Oct. 5 closing price.

Deal will bring $XOM daily production to ~4.5 million barrels of oil equivalent a day — 50% more than next biggest supermajor.

The combined company will produce 2 Million barrels/day from the Permian by 2027, representing ~50% of production, and control equivalent of 16 billion barrels of crude reserves in the Permian region.

See the whole story on Bloomberg here: