Pioneer Natural Resources

Updated Mar 29, 2026

Profile compiled and reviewed by the Houston Oil Companies Data Team from public filings and company sources.

Upstream · Independent E&P (acquired by ExxonMobil)

Pioneer Natural Resources was the largest pure-play Permian Basin E&P company before being acquired by ExxonMobil in 2024.

Founded: 1997
Employees: Merged with ExxonMobil
Revenue: $19 billion (2023, pre-acquisition)
HQ: Irving, TX (acquired 2024)

Permian BasinMidland BasinHorizontal DrillingUnconventional Resources

Pioneer Natural Resources Company was a large independent exploration and production company focused exclusively on the Permian Basin in West Texas. The company was acquired by ExxonMobil in May 2024 for approximately $60 billion, creating the largest producer in the Permian Basin. Pioneer was known for its vast acreage position in the Midland Basin and its efficient horizontal drilling operations.

Headquarters

Irving, TX (acquired 2024)

Founded

1997

Employees

Merged with ExxonMobil

Revenue

$19 billion (2023, pre-acquisition)

CEO

Acquired by ExxonMobil

Website

pxd.com

History of Pioneer Natural Resources

Pioneer was formed in 1997 from the merger of Parker & Parsley Petroleum Development and MESA Inc. (T. Boone Pickens' company). Under CEO Scott Sheffield, Pioneer focused exclusively on the Permian Basin and became the largest acreage holder in the Midland Basin. ExxonMobil acquired Pioneer in 2024 for ~$60 billion.

Operations & Business Segments

Pioneer operated exclusively in the Permian Basin, holding approximately 850,000 net acres in the Midland Basin of West Texas. The company was one of the most efficient operators in the basin, with industry-leading well performance and low breakeven costs. These assets are now part of ExxonMobil's portfolio.

Headquarters Location

Irving, TX (acquired 2024)

Key Specialties & Capabilities

Permian BasinMidland BasinHorizontal DrillingUnconventional ResourcesWater ManagementESG

Frequently Asked Questions About Pioneer Natural Resources

Was Pioneer Natural Resources acquired?▾

Yes. ExxonMobil completed its acquisition of Pioneer Natural Resources in May 2024 for approximately $60 billion, making ExxonMobil the largest producer in the Permian Basin.

Where did Pioneer Natural Resources operate?▾

Pioneer operated exclusively in the Permian Basin, specifically the Midland Basin of West Texas, where it held approximately 850,000 net acres.

Who founded Pioneer Natural Resources?▾

Pioneer was formed in 1997 from the merger of Parker & Parsley Petroleum Development and MESA Inc., the company founded by legendary oilman T. Boone Pickens.

What does Pioneer Natural Resources do in Houston?▾

Pioneer Natural Resources is a upstream company based in Irving, TX (acquired 2024). Pioneer Natural Resources was the largest pure-play Permian Basin E&P company before being acquired by ExxonMobil in 2024.

Where is Pioneer Natural Resources headquartered?▾

Pioneer Natural Resources is headquartered in Irving, TX (acquired 2024), founded in 1997. The company operates in Houston's energy corridor as part of the upstream sector.