Exxon and Chevron’s New Deals Will Advance U.S. Energy Security - Barron's

Exxon and Chevron’s New Deals Will Advance U.S. Energy Security - Barrons

The Big U.S. Footprint on Oil Production Just Got Bigger

Oct 26, 2023, 10:35 am EDT

Two of the largest U.S. oil producers are shaking up what was looking like a sluggish year for mergers and acquisitions. First, out of the deal gate, Exxon Mobil made a bold move, agreeing to acquire Pioneer Resources for an impressive $59.5 billion. Not long after, and not to be outdone, Chevron followed with a substantial $53 billion acquisition of Hess. These two deals represent not just large financial transactions in a space scorned by some investors but also strategic moves that bolster the reserves, market positions, and geographic security of these two American oil behemoths.