Why Pioneer Natural Resources Stock Is Moving Higher

Pioneer Natural Resources Co PXD shares are trading higher Monday following reports suggesting Exxon Mobil Corp XOM has had preliminary talks with the company about a potential acquisition.

What To Know: According to a Wall Street Journal report citing people familiar with the matter, Exxon is looking for a large shale acquisition and it held early informal talks with Pioneer Natural over a potential deal. 

The report indicates that Exxon has extra cash and is looking to put it to work. The people familiar with the matter also said company executives have discussed a potential deal with at least one other company.

If the companies were to reach an agreement, it likely wouldn't be until late 2023 or next year. Although it's possible that the preliminary talks do not turn into formal negotiations, Pioneer is reportedly Exxon's top target. 

See Also: Nasdaq, S&P 500 Futures Signal Subdued Open For Data-Heavy Week: Analyst Says Fed Rate-Hike Pause On Table

PXD Price Action: Pioneer Natural Resources was up 6.02% at $220.70 at the time of writing, according to Benzinga Pro.

Photo: John R Perry from Pixabay.