ExxonMobil to Buy , Shale Rival Pioneer.<br />ExxonMobil has agreed to <br />purchase Pioneer Natural <br />Resources for $60 billion, <br />CNN reports.<br />Exxon's acquisition of the major shale oil <br />producer would more than double its footprint <br />in the U.S. Southwest's Permian Basin.<br />Exxon would be able to produce <br />"the equivalent of 1.3 million barrels <br />of oil a day" in the area, CNN reports. .<br />Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. , ExxonMobil CEO Darren Woods, via statement.<br />The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis, ExxonMobil CEO Darren Woods, via statement.<br />The deal would give Pioneer shareholders <br />"2.3234 shares of ExxonMobil for each <br />Pioneer share," according to CNN.<br />However, the deal is likely <br />to face regulatory hurdles.<br />The Biden administration has been <br />particularly critical of mergers, challenging <br />acquisitions on antitrust grounds.<br />The administration has also criticized big oil over high prices, which may prove to complicate things for ExxonMobil
