$XOM (-0,13 %) is considering acquiring$PXD what regulatory
attention . Other oil companies, including Chevron ($CVX (-0,41 %) ), are also increasingly turning to acquisitions rather than risky drilling.

Exxon hopes this acquisition will strengthen its proven oil-producing footprint rather than investing in untested areas. This move comes after Exxon posted record profits last year, though those profits have declined this year due to lower energy prices.

In recent years, Pioneer has expanded through acquisitions, including DoublePoint Energy worth $6.4 billion in 2021 and Parsley Energy worth 7.6 billion U.S. dollars in 2020, has expanded its portfolio.