ExxonMobil acquires Pioneer Natural Resources (2023)
ExxonMobil agreed to buy Pioneer Natural Resources for $59.5 billion in an all-stock deal, the largest acquisition in the Permian Basin's history. The deal gave Exxon control of Pioneer's roughly 850,000 net acres in the Permian's Midland Basin.
The deal closed in May 2024 after a Federal Trade Commission review that barred Pioneer's founder from Exxon's board.
It set a benchmark for shale consolidation, with rivals rushing to combine acreage.
Like the Crescent-Devon deal, it shows how large producers are consolidating the best shale acreage into fewer, larger operators.
