The Financial Post reports in its Thursday edition that Exxon Mobil agreed to buy Pioneer Natural Resources for $59.5-billion (U.S.), its largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil. A Bloomberg dispatch to the Post reports that Exxon will pay $253 (U.S.) a share in an all-stock deal. The agreement paves the way for Exxon's biggest acquisition since merging with Mobil in 1999. As well, it is the world's largest corporate takeover announced this year. If finalized, the combination will make Exxon far and away the biggest player in the Permian basin of Texas and New Mexico and bring the company's daily production to nearly 4.5 million barrels of oil equivalent a day -- 50 per cent more than the next biggest supermajor. The agreement will allow Exxon to boost daily output in the Permian region to the equivalent of two million barrels in 2027, or more than half of the oil titan's current worldwide production. Exxon also pledged in a release to reduce net carbon dioxide emissions from Pioneer assets to zero by 2035, or 15 years sooner than originally planned. Exxon said the acquired assets will turn a profit even if crude prices dip as low as $35 (U.S.) a barrel.