In the world of upstream M&A, ExxonMobil’s acquisition of Pioneer Natural Resources for $64.5 billion has left investors waiting for results. The promise of an 18% premium to Pioneer’s recent pricing and immediate EPS accretion has yet to materialize. Capitalization metrics show that ExxonMobil’s stock price has dropped since the merger, causing concern for shareholders. Return on Capital Employed has only slightly improved post-merger. The industrial logic behind these mega deals is clear, but the short-term results seem like a shell game. Investors are left wondering if these transactions truly benefit them in the long run.

Read more at Yahoo Finance: Do Upstream Mergers Really Deliver Value for Shareholders?