All articles tagged with #permian shale basin
Exxon Mobil is reportedly in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at around $60 billion. If successful, the acquisition would expand Exxon's presence in one of the most profitable areas of the U.S. oil industry. Pioneer, with a market capitalization of approximately $50 billion, is the third-largest oil producer in the Permian basin.
Shale producers Pioneer Natural Resources and Devon Energy have tightened their budgets and warned of lower drilling and completions activity due to a drop in oil and gas prices, which significantly impacted their second-quarter profits. Pioneer has cut its 2023 budget by $125 million and plans to operate fewer drilling rigs and place fewer wells on production. Devon has reduced its capital spending for the third quarter and maintained its full-year production forecast. Despite the profit decline, Pioneer's second-quarter earnings beat analysts' estimates.