Pioneer Natural Resources Company Stock Rises On Reports Of Exxon Mobil Buy-Out

Pioneer Natural Resources Company PXD shares are trading higher Friday following a report suggesting Exxon Mobil Corporation XOM is nearing a $60 billion deal to buy the company.

The Details:

According to reports, Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that would value the Permian shale basin producer at $60 billion.

Pioneer Natural Resources stock closed on Thursday with a market value near $50 billion. 

Pioneer Natural Resources is an independent oil and gas exploration and production company focusing on the Permian Basin in Texas. At year-end 2022, Pioneer's proven reserves were 2.4 billion barrels of oil equivalent with net production for the year of 650 mboe per day. 

Shares of PXD are up on heavy trading volume Friday. According to data from Benzinga Pro, more than 3.85 million shares have already been traded in the session, compared to the stock's 100-day average of 1.737 million shares.

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PXD Price Action: According to Benzinga Pro, Pioneer Natural Resources shares are up 8.7 % at $233.59 at the time of publication.

Image: Gerd Altmann from Pixabay