-
Exxon to buy Pioneer for $59.5B, reshaping U.S. oil industry
ExxonMobil announced Wednesday it will buy U.S. shale driller Pioneer Natural Resources for $59.5 billion in stock. Why it matters: This would be ExxonMobil's largest deal since its two namesakes got married, and would give it the Permian Basin's most prolific player. It also could produce an antitrust face-off with a White House that's already at odds with Big Oil. By the numbers: The merger would more than double Exxon's production in the Permian Basin to 1.3 million barrels of oil-equivalent per day, with expected growth to 2 million daily in 2027. The tie-up will merge Pioneer's 850,000 acres in the Permian with ... (full story)