Chevron and Exxon Might Have Kicked Off an Oil Land Grab - The Wall Street Journal
Chevron and Exxon Might Have Kicked Off an Oil Land Grab - WSJ
Oct. 23, 2023 9:20 am ET
The smell of mergers and acquisitions is in the air following more than $110 billion worth of oil megadeals this month—Chevron’s agreement to buy Hess and Exxon Mobil’s deal for Permian giant Pioneer Natural Resources. Who’s next?
Deal talks are already under way. Devon Energy, another top Permian producer, is said to be eyeing targets that include Marathon Oil and CrownRock, according to a report from Bloomberg. Gas producer Chesapeake Energy is reportedly considering an acquisition of Southwestern Energy, according to Reuters.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.