ExxonMobil (XOM) saw record production in the Permian Basin after merging with Pioneer Natural Resources. Similarly, the oil and gas company also saw record production in Guyana, contributing to its second quarter earnings growth. Chief Financial Officer Kathryn Mikells joins Market Domination to discuss both of these operations and how they play into the overall outlook of the company.

"As we look at the combined now Pioneer-Exxon Mobil Permian operations, we see even more opportunities for synergies there which we're getting out in front of already. And so just as an example, Pioneer has a remote logistics operations that Exxon Mobil has now taken on and added into our remote wells and completions operations in order to drive more synergies across logistics and procurement. We are starting to utilize what is a very large water recycling infrastructure in the Midland Basin that Pioneer brings to the table," Mikells says of the merger. She notes that with Pioneer, Exxon has been able to further its commitment to reducing its environmental footprint and that there are more opportunities for synergies ahead.

Meanwhile, Hess (HES) shareholders approved an acquisition by Chevron (CVX) despite a dispute over Exxon's claim of a right of first refusal over Hess's Guyana assets. Mikells explains that the company feels "really good about the arbitration panel timeline," explaining that it is a situation that warrants "people to take time in order to really inform all the data and all the circumstances to interpret the joint operating agreement." A hearing is slated toward the end of May in 2025, with a final ruling to come by September 2025. Mikells adds, "if for some reason we were not successful in affirming the preemption that we have, our expectation would be that the Chevron-Hess transaction would move forward. But in the next breath, I would tell you we feel very good about our position in this arbitration being one of the parties that actually negotiated the agreement that's being discussed in the arbitration."

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