https://www.cnn.com/2023/10/11/investing/exxon-mobil-pioneer-purchase<snipit>
ExxonMobil has agreed to buy Pioneer Natural Resources, a major shale oil producer in the deal that will more than double Exxon’s footprint in the Permian Basin in the Southwest United States.
Though it’s the largest US oil company, ExxonMobil was relatively slow to develop shale oil as the rest of the industry used to to greatly increase US oil production in the last decade. Pioneer is the largest producer in the Permian Basin, with 850,000 net acres in the area around Midland, Texas, with ExxonMobil’s 570,000 net acres in the Delaware and Midland Basins.
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Really like this move. $60B investment is the largest for Exxon since its 1998 merger with Mobil. Stock down 3% today, but long term, this long term Permian Basin Play is one of the safest locations away from the Enviro-whacko's reach, due to already platted and established fields. And this makes them by far the biggest player by far in the Basin.
