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
Also in this section
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns