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

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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.

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