Big Oil Doubles Down on Shale with $60B in Deals; Permian Stocks Near Buy Points on M&A Speculation

ExxonMobil and Chevron made major acquisitions in the Permian Basin and South America totaling $60 billion.

Diamondback Energy, Matador Resources and Permian Resources are Permian-focused energy stocks nearing buy points.

Diamondback is forming a base with a 168.95 entry, Matador has a cup-with-handle at 65.44, and Permian Resources has a cup-with-handle at 15.30.

Analysts see SM Energy and Callon Petroleum as potential acquisition targets after the XOM and CVX deals.

Energy giants like BP and Shell may make further acquisitions in response to Exxon and Chevron's latest moves.