ExxonMobil buys Pioneer Natural Resources (2023-2024)
ExxonMobil agreed to buy Pioneer Natural Resources for about $60 billion in stock, the largest Permian deal on record. The purchase made Exxon the biggest producer in the basin overnight. It closed in May 2024.
Exxon roughly doubled its Permian output and gained more than a decade of drilling inventory.
The deal set off a wave of consolidation as rivals scrambled to lock up their own Permian acreage.
It shows the same force driving Matador: in the Permian, scale and contiguous acreage decide who drills cheapest, so buyers keep getting bigger.
