ExxonMobil–Pioneer Natural Resources (2023)
ExxonMobil agreed in October 2023 to buy Pioneer Natural Resources for about $60 billion in an all-stock deal, the largest in a wave of US shale consolidation. The merger made Exxon the dominant operator in the Permian Basin of west Texas and New Mexico.
The Federal Trade Commission cleared the deal in May 2024 on condition that Pioneer's founder, Scott Sheffield, not join Exxon's board. The merger closed the same month.
The deal set a template for mega shale mergers: all-stock structure, antitrust review, and a close within about seven months once conditions were met.
Gives EQT and Range a clear blueprint for regulatory review and closing — and shows conditions can be attached even when a deal clears.
