Fracking titan is bulking up with $6.4 billion acquisition as oil prices recover
CNN
Pioneer Natural Resources announced Thursday it will buy DoublePoint Energy, a privately held oil and gas company, in a transaction worth about $6.4 billion.
The "bolt-on" acquisition will expand Pioneer's already industry-leading footprint in the Permian Basin, the largest US oil field, located in Southeastern New Mexico and West Texas. It's a show of confidence as oil prices recover from the pandemic. "DoublePoint has amassed an impressive, high quality footprint in the Midland Basin," the eastern part of the Permian Basin, Pioneer CEO Scott Sheffield said in a statement, adding that the deal "will complement our unmatched position in the core of the Permian Basin."More Related News
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