I have said it before, I will say it again: CVX should take out PXP. The link above explains why CVX cannot and will not take out MMR. The next best thing would be a PXP takeout.
In addition to the points I made in the link, CVX would get 2 board seats at MMR. They would see all of MMR's capex plans, would get access to MMR's seismic data, would be able to co-ordinate/dominate the UD development over time. All of this could be leveraged over their extensive shelf acreage.
If I were an energy banker, I would bang on CVX's door every single day to pitch this idea.