With a price tag of $60 billion, this deal stands as one of the largest oil-and-gas acquisitions in recent memory, reshaping the landscape of the industry. The completion of this megadeal significantly bolsters Exxon's presence in the coveted Permian Basin. This strategic move effectively doubles Exxon's footprint in the region, solidifying its position as a dominant player in one of the most prolific oil-producing areas in the country. The acquisition hands Exxon access to over 1.
In order to secure regulatory approval from antitrust authorities, Exxon made concessions aimed at addressing concerns over market competition. One notable compromise involved an agreement not to appoint Scott Sheffield, Pioneer's former chief executive, to its board of directors.