What ExxonMobil’s Merger With Pioneer Means For U.S. Shale

Whenever a merger like this week’s deal between U.S. major ExxonMobil and Permian Basin pure-play independent Pioneer Natural Resources is announced, the analyst community is going to produce an array of competing views about whether the transaction is wise for either or both companies. Certainly, that has been the case this week. Will Chevron now pursue a similar deal to try to keep pace with ExxonMobil’s new scope and scale? What about ConocoPhillips and Oxy? Will the Biden Federal Trade Commission try to delay ExxonMobil’s deal from closing? These and...