Energy
Exxon Move on Pioneer Signals Big Oil’s Tightening Grip on Shale
- Deal would mark Exxon’s biggest transaction in two decades
- Merger would create Permian’s biggest driller and fracker
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Exxon Mobil Corp.’s planned takeover of one of the vanguards of the shale revolution signals Big Oil’s tightening grip on the sector that vaulted the US to the top of global oil producers.
Exxon is in talks to acquire Pioneer Natural Resources Co. in a deal that would mark the biggest expansion yet among oil supermajors to solidify their hold on the Permian Basin, the western hemisphere’s most-prolific oil field. For Pioneer’s peers, the move threatens to trigger an imminent bidding war as other international giants scramble to remain competitive.