Exxon-Pioneer mega deal adds to Permian M&A frenzy amid rush to boost reserves - Reuters
Exxon-Pioneer mega deal adds to Permian M&A frenzy amid rush to boost reserves | Reuters
Exxon-Pioneer mega deal adds to Permian M&A frenzy amid rush to boost reserves
A drilling rig on a lease owned by Oasis Petroleum performs logging operations in the Permian Basin oil and natural gas producing area near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford Acquire Licensing Rights
Oct 11 (Reuters) - Permian Basin dealmaking has got a major boost with Exxon Mobil (XOM.N) set to buy rival Pioneer Natural Resources (PXD.N) for nearly $60 billion, which will make it the biggest producer in the largest U.S. oilfield.
Permian is a prime target for producers looking to increase their inventory. The shale patch, which lies between Texas and New Mexico, has robust infrastructure and is known for high productivity and large undeveloped reserves.
Below is a list of Permian deals so far this year:
Here are a few shale deals outside Permian:
Reporting by Mrinalika Roy, Tanay Dhumal and Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila, Shinjini Ganguli, Vinay Dwivedi and Maju Samuel
Our Standards: The Thomson Reuters Trust Principles.
Read Next
Deals Liontown extends due diligence for $4.2 bln Albemarle buyout
Australia's Liontown Resources on Thursday said it would extend an exclusive due diligence period by a week for its proposed A$6.6 billion ($4.23 billion) buyout by U.S.-based Albemarle , even as an Australian billionaire muscles in.
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.