[Editor's note: A version of this story appears in the May 2021 issue of Oil and Gas Investor magazine.]

Pioneer Natural Resources Co. is officially a lot. Too much? No, probably not. But, yeah, a lot.

On April 1, Pioneer agreed to buy DoublePoint Energy LLC for $6.4 billion, or roughly half of what Amazon spent last year on its streaming music and video content.

A single deal doesn’t tell us whether the Permian Basin is past its prime. But this may be difficult to see objectively, in the blinding camera flash of Pioneer’s huge deal.

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