ExxonMobil on Friday clinched its $65 billion tie-up with Permian Basin heavyweight Pioneer Natural Resources Co., but the merger has not come without drama.

The transaction, announced last October, moves ExxonMobil to the top of the heap in the Permian, with control of 1.4 million-plus net acres in the Delaware and Midland sub-basins. Estimated output today is 16 billion boe. 

Oil and gas volumes are set to more than double to 1.3 million boe/d. Based on initial estimates by ExxonMobil, production could reach 2 million boe/d in 2027.

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The Dallas-based independent “is a natural fit for our Permian portfolio,” CEO Darren Woods said. The...