ExxonMobil announces deal to acquire Pioneer for $59.5 billion in all-stock deal
PXD shares rose 2.3% on the news, while Exxon stock fell 1.1%.This strategic move positions Exxon as the dominant player in the largest U.S. oilfield and secures a decade of cost-effective production.
The merger would leave four of the largest U.S. oil companies in control of a significant portion of the Permian Basin shale field and its extensive oilfield infrastructure.
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