(Finance) – ExxonMobil has completed its $60 billion acquisition of its rival Pioneer Natural Resources.
The operation ended after reaching a agreement with antitrust regulators who asked not to add Scott Sheffield, former CEO of Pioneer, to its board of directors, accused of colluding with officials of the Organization of the Petroleum Exporting Countries to raise crude oil prices. There Federal Trade Commission he thus asked to keep him out of the new administration.
The oil giant said the deal will double its presence in the Permian Basin, located in the southwestern United States. The Exxon’s production volume in the area will more than double, reaching 1.3 million barrels of oil equivalent per day. This figure is expected to rise to 2 million barrels in 2027.
“This blue-chip asset is a natural fit for our Permian portfolio and provides us with a greater opportunity to deploy our technology and deliver operational and capital efficiencies for long-term shareholder value,” said Darren Woods, president and CEO of ExxonMobil. “The combination of our two companies benefits this country’s energy security and economy, as well as advances the company’s environmental ambitions as we transition Pioneer’s 2050 net-zero emissions goal into a plan for 2035.”