Exxon Mobil (NYSE:XOM) announced its plan to acquire Pioneer Natural Resources (NYSE:PXD) for $59.5 billion, with a per-share price of $253. This acquisition sets Exxon as a preeminent entity in the largest U.S. oilfield, promising a decade of affordable production.

If successful, this would mark 2023's most notable corporate deal and become Exxon’s largest acquisition since its 1998 purchase of Mobil Oil for $81 billion. Consequently, four of the major U.S. oil companies would predominantly control the Permian Basin shale field and its substantial oilfield infrastructure.