Exxon Doubles Up On Permian In $60bn Pioneer Purchase

*US major ExxonMobil is doubling up on the country’s key Permian shale basin with the $59.5bn all-stock purchase of Permian-pure play producer Pioneer Resources, agreed 11 October.

*This will see ExxonMobil soar ahead of Chevron as top producer in the 5.8mn b/d basin. Pioneer’s 650,000 boe/d of net 2022 output (including 512,000 b/d liquids) made it neck-and-neck with ConocoPhillips as number two Permian producer. Chevron was number one with 717,000 boe/d (516,000 b/d liquids), whilst Exxon was number four with 548,000 boe/d (409,000 b/d liquids). (CONTINUED - 201 WORDS)