ExxonMobil’s Permian synergies: defining the value in data strategy

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Competitors crave a better understanding of ExxonMobil’s bold US$2 billion annual synergy targets for Pioneer's assets. We think the goal is realistic; capturing just half of the synergy value would cover the deal premium. The balance would be pure value upside. We see demonstrable value opportunities by eliminating excess capital from well completions. If successful, NPV10 per well would increase roughly US$1 million and breakevens would reach ExxonMobil's target of US$35/bbl. Resource capture synergies will take longer to develop. Expensive data collection and advanced AI/ML modeling to reach these new benchmarks is ExxonMobil's tool. Investment in these resources has been stymied through the Independents’ era of cost control. Scale changes this, and ExxonMobil’s pro-forma portfolio puts it in the driver’s seat.

Table of contents

Tables and charts

This report includes 9 images and tables including:

  • ExxonMobil 2022-2023 Midland multi-zone performance
  • XOM global upstream portfolio value and synergy breakdown (US$ billion)
  • Appendix B: ExxonMobil’s Midland Basin plan
  • ExxonMobil 2019 Delaware plan
  • ExxonMobil sample cube 2019 Delaware cube (Remuda South 25)
  • All neighboring Delaware operators – same reservoirs (2019 wells)
  • Sample of Pioneer trial technology - 2018
  • Breakeven reduction vs. ExxonMobil target
  • Value sensitivity: lower completion capex

What's included

This report contains:

  • Document

    ExxonMobil’s Permian synergies: defining the value in data strategy

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