SPRING, Texas (XOL Africa) — ExxonMobil Holdings Corporation has launched cash tender offers for up to $2.1 billion of outstanding senior notes issued by its wholly owned subsidiary, Pioneer Natural Resources Company.
The offers cover $1.1 billion of 1.900% senior notes due 2030 and $1 billion of 2.150% senior notes due 2031, according to an announcement released Sept. 8.
Pioneer is offering to purchase any and all of the outstanding notes for cash, subject to the terms and conditions contained in its Sept. 8 Offer to Purchase.
The notes accepted in the offers will be cancelled, and neither tender offer is subject to a minimum amount of notes being tendered.
Tender offer deadline
The tender offers are scheduled to expire at 5 p.m. New York time on Sept. 14, 2026, unless extended or terminated earlier.
Holders who validly tender their notes before the deadline and whose securities are accepted for purchase will receive a total consideration calculated using the applicable U.S. Treasury reference yield plus a fixed spread.
For the 1.900% senior notes due 2030, the fixed spread is 30 basis points, while the 2.150% senior notes due 2031 carry a fixed spread of 35 basis points.
The applicable reference yield is based on the bid-side yield to maturity of the specified U.S. Treasury security at the price determination time.
The price determination is expected at 2 p.m. New York time on Sept. 14.
In addition to the tender consideration, holders whose notes are accepted will receive accrued and unpaid interest from the last interest payment date through, but excluding, the settlement date.
Settlement is expected on Sept. 16, 2026, the second business day after the expiration date.
The reference security for both offers is the 4.375% U.S. Treasury note due Aug. 31, 2031.
Notes may be tendered in minimum denominations of $1,000 and integral multiples of $1,000.
ExxonMobil said the tender offers are being conducted under the terms outlined in the Offer to Purchase and cautioned investors that the announcement itself does not constitute an offer to purchase securities.
The company also said neither ExxonMobil, Pioneer, the dealer manager nor the tender and information agent is making a recommendation on whether holders should tender their notes.
Citigroup is serving as dealer manager, while Global Bondholder Services Corporation is acting as the tender and information agent.
Results of the tender offers are expected to be announced shortly after the Sept. 14 expiration deadline.
The transaction is part of ExxonMobil’s broader management of its debt portfolio following its acquisition of Pioneer Natural Resources, which expanded the company’s position in the U.S. oil and gas sector.
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