Exxon Mobil is in the process of reaching an agreement to acquire Pioneer Natural Resources.

October 06, 2023: According to people familiar with the matter, Exxon Mobil (XOM) is nearing a deal to buy Pioneer Natural Resources (PXD) for about $60 billion. The deal would be the biggest oil and gas acquisition since Exxon’s merger with Mobil 1999.

The deal would create the largest oil producer in the Permian Basin, the most prolific oil field in the United States. Exxon and Pioneer are the two largest oil producers in the Permian, with a combined output of more than 1.2 million barrels daily.

Combining the two companies would give Exxon a stronger position in the shale industry, which has been one of the key drivers of U.S. oil production growth in recent years. Shale oil production is expected to grow in the coming years, and Exxon is positioning itself as a leader in this market.

The deal between Exxon and Pioneer is a significant development for the oil and gas industry. The deal would create the largest oil producer in the Permian Basin and give Exxon a stronger position in the shale industry. Businesses, consumers, and investors should be aware of the deal’s potential impact on their finances.

Additional Information

The deal between Exxon and Pioneer is the latest in a series of mergers and acquisitions in the oil and gas industry. The industry has been consolidating recently as companies look to reduce costs and improve efficiency.

The deal is also a sign of the growing importance of shale oil in the global oil market. Shale oil is now the largest source of oil production in the United States, and it is expected to play an increasingly important role in the global oil market in the coming years.

Overall, the deal between Exxon and Pioneer is a positive development for the oil and gas industry. The deal is expected to create a more efficient and competitive industry, which could benefit businesses, consumers, and investors in the long term.