Another Mega-Merger, But ExxonMobil Plus Pioneer Will Be The Influence-Shaper For Oil As Well As Climate

Chevron
CVX
just announced they will buy Hess
HES
Corporation for $65 billion, the second mega-merger in two weeks. These represent a step change in the oil industry, with long-term ramifications. ExxonMobil has recently acquired Pioneer Natural Resources
PXD
for about $60 billion, the biggest since Exxon merged with Mobil in 1999. This makes it the largest international oil and gas company, barring Saudi Aramco.

The merged company will have the largest oil and gas production in the Permian basin, one of the world’s premier oilfields, and about 11% of the total basin production. The Permian basin is close to the Gulf Coast where methane is converted to LNG (liquefied natural gas) that has entered its own golden age for marketing overseas – a clear winner for ExxonMobil
XOM

XOM
+Pioneer.