Did that $33 billion Permian Basin deal just put Pioneer Natural Resources in play?

Chevron Corp.'s $33 billion bid for Anadarko Petroleum Corp. may presage a new Permian Basin buying spree, with Irving-based Pioneer Natural Resources Co. and Concho Resources Inc. among the next prime targets.

Pioneer, Concho and Noble Energy Inc. surged Friday after Chevron unveiled plans to buy Anadarko, a deal that expands the supermajor's presence in the Permian region, Gulf of Mexico and East Africa. The transaction vaults Chevron into the rarefied air of rivals Exxon Mobil Corp. and Royal Dutch Shell Plc, which in turn may be roused to make acquisitions of their own.

Occidental Petroleum Corp., fresh off its own failed bid for Anadarko, may now find the tables have turned as its hefty footprint in the world's biggest oil field attracts the attention of acquisitive rivals. Investment bank Tudor Pickering Holt & Co and BP Capital Fund Advisors LLC both cited Occidental as a potential target.

"From a big-picture perspective, the majors have really bought into shale, but from an asset perspective, the majors don't necessarily have the right asset portfolios," Tudor Pickering's Matthew Portillo said by telephone. "We do think this is going to be the spark that really catalyzes a lot of M&A."

Read more: https://www.dallasnews.com/business/energy/2019/04/12/33-billion-permian-basin-deal-just-put-pioneer-natural-resources-play