The acquisition would be Exxon’s largest since its 1999 merger with Mobil|Harrison Keely|CC BY 4.0
Exxon Mobil is reportedly close to sealing a mega-deal with shale driller, Pioneer Natural Resources, marking a blockbuster agreement valued at approximately $60 billion.
As talks reached advanced stages, it could be Exxon’s largest takeover in two decades. If the deal goes through, the oil giant would emerge as the biggest producer in the Permian Basin of West Texas and New Mexico, surpassing OPEC nations’ oil production.
Bolstered by a record profit of $55.7 billion in 2022, Exxon is strategically targeting deeper involvement in West Texas shale.
The acquisition would be Exxon’s largest since its 1999 merger with Mobil.
In other oil news
Saudi Arabia has communicated to the White House its readiness to increase oil production in early 2024 if crude prices remain elevated, reports the Wall Street Journal.