Maria Dreyfus was elected to Exxon Mobil’s (NYSE:XOM) board just last month, although the director has already made her first buy as an insider. Dreyfus is also the CEO and founder of Ardinall Investment Management.
Dreyfus previously served as a director on Pioneer Natural Resources’ board. Last month, Exxon announced that its $60 billion acquisition of Pioneer had closed after receiving U.S. Federal Trade Commission (FTC) approval, which resulted in Dreyfus joining the Exxon board.
According to a Form 4 submitted to the U.S. Securities and Exchange Commission (SEC), Dreyfus purchased 18,310 shares at an average price of $109.25 per share on June 17. In total, the transaction amounted to $2 million. Following the purchase, Dreyfus and her spouse now own a total of 37,756.94 shares.
In addition, Dreyfus’ purchase marks the first open market insider buy of XOM stock in 2024. During the past year, Exxon insiders have purchased $97.90 million worth of shares on the open market while selling $218.34 million. That nets out to a total of $120.44 million of shares sold.
XOM Stock: Director Maria Dreyfus Discloses $2 Million Insider Buy
Besides Dreyfus, only one other insider has purchased shares during the past year and that is Director Jeff Ubben. Between July 2023 and November 2023, Ubben acquired $95.90 million worth of XOM stock.
The buy from Dreyfus is a encouraging sign for the future of Exxon. It may also signal that she believes that Pioneer and Exxon will be able to efficiently combine their areas of synergy.
As a result of the acquisition, Exxon’s Permian production volume will more than double to 1.3 million barrels of oil equivalent per day (MOEBD) and is “expected to increase to approximately 2 MOEBD in 2027.”
“The merger is anticipated to be accretive immediately and highly accretive mid- to long-term to ExxonMobil earnings per share and free cash flow, with a long cash flow runway,” said Exxon.
Following the acquisition, Exxon now has access to Pioneer’s 850,000-plus net acres in the Midland Basin. With Pioneer’s assets, Exxon expects a cost of supply of below $35 per barrel.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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2024-06-21 17:10:18Z
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