Permian Power

Exxon’s recent announcement to buy Pioneer Natural Resources for $60 billion is the largest corporate transaction this year, Exxon’s largest deal since its late 1990s $75 billion merger with Mobile, and the largest oil-and-gas deal in decades. It’s a bet on oil and the belief it will persist for decades, and on the Permian Basin, where the new Exxon will produce almost 1.5 million bbl/day, double its nearest competitor.