ExxonMobil finalized its $60 billion acquisition of Pioneer Natural Resources on Friday, closing the largest oil-and-gas deal in decades, the Wall Street Journal reports.
The deal more than doubles the company’s footprint in the Permian basin. Exxon’s Permian production volume is expected to more than double to 1.3 million barrels of oil equivalent per day, which should rise to 2 million barrels in 2027, the company said.
ExxonMobil received the green light from regulators to close the deal on Thursday—on the condition that Scott Sheffield, Pioneer’s former chief executive, would not be added to its board of directors.
Sheffield has been accused of colluding with officials from the Organization of the Petroleum Exporting Countries, or OPEC, to raise oil prices. The allegations have been referred to the Justice Department.
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