We advised ExxonMobil in connection with the cash tender offers

Davis Polk advised ExxonMobil Holdings Corporation in connection with the cash tender offers by its wholly-owned subsidiary, Pioneer Natural Resources Company, to purchase for cash any and all of its outstanding $1.1 billion 1.900% senior notes due 2030 and $1 billion 2.150% senior notes due 2031 for which it received tenders and has accepted approximate aggregate principal amounts of $570 million and $616 million respectively.

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

The Davis Polk corporate team included partner Michael Kaplan and associates Marcus Holtzman and Josh Mimura. Partner Patrick E. Sigmon, counsel Dustin Plotnick and associates David J. Beer and Sophia Kwende provided tax advice. All members of the Davis Polk team are based in the New York office.

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