ExxonMobil announced Wednesday that it has acquired Pioneer Natural Resources in a major deal in the oil and gas industry.
America’s largest oil company is merging with Pioneer, which controls a strong portfolio of assets in the oil- and gas-rich Permian Basin of Texas and New Mexico, in an all-stock transaction valued at about $59.5 billion, Exxon announced. The deal could draw antitrust scrutiny from the Biden administration, which has already demonstrated its distaste for long-term fossil fuel development, according to Axios.
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