Between Exxon’s announcement of its purchase of Pioneer and Chevron’s announcement of its purchase of Hess, investors are swooning and megamergers are in the air. Exxon Mobil and Chevron reported a combined $15.6 Bn in profits Friday, as oil and fuel prices climbed in the third quarter.

Pioneer is the Permian Basin’s largest oil producer. Hess will give Chevron a major oil field in Guyana, a country that is poised to become the world’s fourth-largest offshore oil producer, as well as shale properties in the Bakken Formation in North Dakota.

With the Pioneer acquisition, by 2027, ExxonMobil+Pioneer could be producing up to 2 MMboepd (Million Barrels of Oil Equivalent Per Day) which would be 50% increase from its current 1.33 MMboepd. The total combined Permian reserves are estimated at 16 billion boe, which implies 15-20 years of drilling inventory.

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. It also raised its quarterly dividend.

In July, the company agreed to pay $4.9 Bn for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy. They use CO2 itself to extract petroleum, using a process is called tertiary recovery.

Chevron said it banked $6.5 Bn in third-quarter earnings, up 8.5% from the previous quarter, though it sank $10 Bn in the YoY data.

Now, both companies must turn to the task of closing their deals, worth more than a combined $110 Bn. Exxon expects its $59.5 Bn all-stock agreement to buy shale giant Pioneer Natural Resources to close in the first half of next year, as does Chevron with its deal to purchase Hess for $53 Bn in stock, announced Monday.

With trouble brewing in the Middle East and Ukraine, oil production and transportation will be effected as will oil prices. Iran has recently increased oil production by 15,000 bpd to 3 million bpd.

Hedge funds and other money managers purchased the equivalent of 10 million barrels across the six most important futures and options as conflict in the Middle East has threatened to disrupt crude oil supplies. Brent oil took a major jump over WTI since the Hamas attacks in Israel early this month.

While Exxon shares were down almost 2% to $105.55 at the close of trading today, and Chevron’s stock fell 6.7% to $144.35, there’s sure to be movement based on these reported acquisitions up to and including the ephemeral bootstrap effect that will take place when the mergers are complete.