The deal would make it the largest single player in the Permian Basin, the largest U.S. oil field.
blockbuster deal announced WednesdayThe oil giant plans to acquire Pioneer Natural Resources in an all-stock deal valued at roughly $60 billion.
The combined companies plan to boost production by 700,000 more barrels of oil and gas per day over the next four years, bringing total Permian output to 2 million barrels per day by 2027, according Going forward, Wall Street demanded "capital discipline" from the smaller independent drillers who dominated the Permian.
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