ExxonMobil to buy Pioneer for US shale oil dominance
By 
Julia Robinson2023-10-23T13:30:00
$59 billion deal sees Exxon double its shale oil and gas production
US Oil and gas giant ExxonMobil has agreed a merger with shale specialist Pioneer Natural Resources, in an all-stock deal worth $59.5 billion (£49 billion)
The acquisition will make ExxonMobil the dominant producer in the Permian Basin of Texas and Mexico. Exxon stated that once the deal closes its Permian production volumes would immediately double to 1.3 million barrels of oil equivalent per day (MOEBD), based on 2023 volumes.