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Exxon to buy Pioneer for $59.5B, reshaping U.S. oil industry

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It could also produce an antitrust face-off with a White House that's already at odds with Big Oil.

It also could produce an antitrust face-off with a White House that's already at odds withThe merger would more than double Exxon's production in the Permian Basin to 1.3 million barrels of oil-equivalent per day, with expected growth to 2 million daily in 2027.The proposed deal is a $59.

5 billion all-stock merger at $253-per-share that rises to a value of $64.5 billion once debt is included.Exxon buying Pioneer would be an audacious move in a proven region, enabled by strong balance sheets after the oil price run-up in recent years.Editor's note: This is a breaking news story. Check back for updates.Share on linkedin

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