09:03 AM EDT, 05/03/2024 (MT Newswires) -- Exxon Mobil ( XOM ) said Friday it has closed its acquisition of Pioneer Natural Resources ( PXD ) .

The acquisition more than doubles Exxon's Permian production volume to 1.3 million barrels of oil equivalent per day, which is expected to increase to approximately 2 million in 2027, the company said.

The combined company is expected to have more than 1.4 million net acres in the Delaware and Midland basins with an estimated 16 billion barrels of oil equivalent resource, Exxon added.

On Thursday, the US Federal Trade Commission declined to challenge Exxon's acquisition of Pioneer, but said Scott Sheffield, Pioneer's co-founder and former chief executive, must not take a seat on the combined company's board.

Price: 116.45, Change: +0.21, Percent Change: +0.18