05/04/2024 – 9:54
Exxon Mobil completed its $60 billion acquisition of competitor Pioneer Natural Resources after reaching an agreement with antitrust regulators, finalizing the biggest oil and gas deal in decades.
The oil giant said on Friday that the mega-business has more than doubled its presence in the Permian Basin, located in the southwestern United States.
Exxon’s production volume in the Permian is expected to more than double, reaching 1.3 million barrels of oil equivalent per day. This number is expected to rise to 2 million barrels in 2027, according to the company.
The deal was completed after Exxon agreed not to add Scott Sheffield, Pioneer’s former chief executive, to its board of directors.
The concession appeased the Federal Trade Commission, which later accused Sheffield of conspiring with officials from the Organization of the Petroleum Exporting Countries (OPEC) to raise prices of the commodity. The charges were forwarded to the Department of Justice.
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