WASHINGTON: ExxonMobil and Chevron executives discussed the possibility of a merger last year as the two oil giants were battered by the pandemic, The Wall Street Journal reported Sunday.
The sources added that the “preliminary” discussions are no longer taking place but could resume in the future. “Together, they would likely form the world’s second-largest oil company by market capitalisation and production, producing about 7 million barrels of oil and gas a day, based on pre-pandemic levels, second only in both measures to Saudi Aramco,” the Journal wrote.Many industry experts, however, believe that a consolidation of the oil and gas industry is necessary to reduce costs and help companies overcome the pandemic slowdown.
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