Exxon Mobil has agreed to buy rival Pioneer Natural Resources in an all-stock deal valued at $59.5bn, that would make it the biggest producer in the largest US oilfield and secure a decade of low-cost production. The deal, which is valued at $253 per share, combines the largest US oil company with one of the most successful names to emerge from the shale revolution that turned the country into the world's largest oil producer in little more than a decade. Pioneer shares jumped two per cent after news of the deal.

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