Stock Spotlight: Political scrutiny likely to cast shadow over Exxon's $60bn merger with Pioneer

Presidential election in 2024

ExxonMobil’s $59.5bn merger with Pioneer Natural Resources – its biggest deal in over 20 years – is likely to face several hurdles, including heightened political scrutiny in the US.

Garry White, chief investment commentator at Charles Stanley, noted the merger will create the first ‘Big Oil' "megamajor", with the combined company becoming the largest producer of oil and natural gas in the Permian Basin - the field producing 40% of America's oil spanning from West Texas to southeastern New Mexico. Stock Spotlight: Deliveroo offers buyback plan as ESG concerns linger He said: "Despite the world's move towards ‘net zero', the US oil industry was never going to ride quietly into the sunset. Ambitious targets to move to renewable energy and cut emissions means massive...