Exxon Mobil Dominates US Oilfield with $60 Billion Pioneer Acquisition

Exxon Mobil has agreed to acquire U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, making it the largest producer in the largest U.S. oilfield and securing a decade of low-cost production. The deal, set to close in early 2024, combines the largest U.S. oil company with one of the most successful names in the shale revolution. The acquisition will leave four of the largest U.S. oil companies in control of much of the Permian Basin shale field and its infrastructure. Despite facing scrutiny, the companies are likely to complete the deal as they argue that they will account for a small fraction of the global oil and gas market.