Exxon Mobil announced Wednesday morning it struck a massive deal to buy Pioneer Natural Resources , strengthening its position as an oil producer at a time when energy is rising as a geopolitical concern but the sector's stocks have struggled to make up for years of underperformance. The all-stock deal, valued at roughly $60 billion , is expected to close in 2024 and would expand Exxon's production in a key area of the United States.
RBC Capital Markets analyst Biraj Borkhataria said in a note to clients Wednesday that Chevron could be one name to watch as a buyer. "We would expect some investors to question whether CVX may be propelled to make a sizeable acquisition following XOM, however we would note that the management track record is to be patient , while this deal effectively removes the main competition for CVX on large-scale M & A," the RBC note said.
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