ExxonMobil to Buy Shale Rival Pioneer

ExxonMobil to Buy , Shale Rival Pioneer.

ExxonMobil has agreed to purchase Pioneer Natural Resources for $60 billion, CNN reports.

Exxon's acquisition of the major shale oil producer would more than double its footprint in the U.S. Southwest's Permian Basin.

Exxon would be able to produce "the equivalent of 1.3 million barrels of oil a day" in the area, CNN reports.

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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.

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.

The deal would give Pioneer shareholders "2.3234 shares of ExxonMobil for each Pioneer share," according to CNN.

However, the deal is likely to face regulatory hurdles.

The Biden administration has been particularly critical of mergers, challenging acquisitions on antitrust grounds.

The administration has also criticized big oil over high prices, which may prove to complicate things for ExxonMobil