Exxon near $60 billion deal to buy shale driller Pioneer Natural Resources: report

Exxon Mobil Corp. is close to a deal to buy shale-drilling company Pioneer Natural Resources for about $60 billion, the Wall Street Journal reported late Thursday.

Citing sources familiar with the matter, the Journal said the deal could be finalized in the coming days. The Journal had reported in April that the two companies had held preliminary talks.

The acquisition would be one of the largest in the U.S. this year, and Exxon’s biggest since it bought Mobil in 1999. The Journal noted that Exxon has been flush with cash since posting record profits last year, and is looking to become the dominant player in the oil-rich Permian Basin in western Texas and New Mexico.

Exxon has a market cap of about $446 billion, as of Thursday, while Pioneer is valued at about $50 billion.

Exxon shares

have fallen about 1% year to date, while Pioneer

stock is down about 6% in 2023, The S&P 500
in comparison, is up about 11% year to date.

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