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Related Articles
US shale closes the gap
Supply is gradually returning, but the market will remain tight into next year
YPF targets Vaca Muerta upsurge
In the wake of positive financials, the Argentinian operator is lifting capex spend and is bullish on barrels
Letter from Houston: Lower 48 outlook strengthening
Climbing commodity prices and rampant drilling activity are lifting shale production guidance
Private operators drive Permian recovery
Strong market conditions are encouraging private producers in Texas and New Mexico to lift drilling activity
US shale upsurge put on hold
Domestic production has gradually crept up since the worst of the pandemic, but significant growth is unlikely to take place before 2023
Clock ticking on Permian stranded assets
Reduced drilling activity over the past year is increasing the threat of premature write-downs in the basin
ConocoPhillips targets cash cow
US firm expects Concho synergies in the Permian to dramatically lift revenues over the next decade
Restrained US shale set for cashflow pay-off
Rebounding oil prices have boosted company balance sheets, but debt remains the priority over growth
Protests compound Argentina’s gas woes
Efforts to raise Vaca Muerta production face financial and strike action hurdles
Permian leads the shale charge
Output is creeping up in the US but still faces a tough task in rebounding to pre-Covid levels
At the close of the deal, ExxonMobil’s Permian production volume would more than double
Majors Shale
Paul Hickin,
Editor-in-chief
13 October 2023
Follow @PetroleumEcon
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ExxonMobil deal will transform shale and beyond

The major’s $60bn Pioneer purchase signals long-term view of oil demand and a mature consolidated shale industry

Goodbye, ‘Big Oil’; hello, ‘Massive Oil’. There are few superlatives that will do justice to the game-changing tie-up between major ExxonMobil and Texas-based shale player Pioneer Natural Resources. The new company will become the undisputed king of the Permian Basin of Texas and New Mexico, with production of almost 4.5m boe/d dwarfing that of rivals such as Chevron and Shell. The agreement means access to Pioneer’s acreage—seen as the highest quality resource position in the Permian—and would elevate ExxonMobil’s total in-basin resources to 16b boe, with combined output from the basin of around 2m boe/d by 2027. At the close of the deal, ExxonMobil’s Permian production volume would more th

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