News Formal

ExxonMobil's $60 billion Pioneer deal signals era of 'extreme consolidation' for oil industry

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 13 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

ExxonMobil and Pioneer's $60 billion merger will make Exxon the biggest shale player in the region.

gives ExxonMobil massive scale in the Permian Basin, allowing it to double its footprint in the largest oil-producing region in the US and strengthen its upstream portfolio. Upstream refers to the initial phases of oil and gas production like exploration, drilling, and extraction.

Analysts note consolidation has been a way of life in the oil patch for some time. In recent years, supermajor Chevron Pioneer shares had soared last week amid speculation that ExxonMobil would buy Pioneer at a value of up to $60 billion.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business groups applaud Supreme Court ruling against federal environmental impact lawThe loudest cheering came from Alberta, where industry leaders saw the 2019 legislation as a roadblock to development of oil and gas infrastructure and other energy-related projects.
Source: calgarysun - 🏆 63. / 52 Read more »

Big Banks jump on earnings, Microsoft closes Activision deal, oil surges: Yahoo Finance LiveJPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC) kicked off big bank earnings this morning. All three banks reported higher profits in the third quarter,...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »