Pioneer s $6 4 billion deal for DoublePoint accelerates US shale oil consolidation indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
3 Min Read
(Reuters) -U.S. oil producer Pioneer Natural Resources agreed on Thursday to acquire privately-held rival DoublePoint Energy for about $6.4 billion, speeding up a consolidation of shale oil producers.
Oilfield rollups have accelerated this year as energy prices recover following last year’s coronavirus-driven market crash. Companies with strong balance sheets have been snapping up debt-laden and privately-held operators, and promising to focus on profit over volume growth.
Acquisitions of fast-growth oil companies like DoublePoint Energy by mature operators “will allay concerns that U.S. shale could again oversupply the market and crash prices,” said Andrew Dittmar, an Enverus merger and acquisitions analyst.
Pioneer s $6 4 billion deal for DoublePoint accelerates U S shale oil consolidation oilandgas360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilandgas360.com Daily Mail and Mail on Sunday newspapers.