Exxon Mobil Reportedly In Advanced Talks Over $250-Per-Share Acquisition Of Pioneer Natural Resources

In recent news, Exxon Mobil Corp. XOM is said to be in the midst of finalizing a takeover deal with Pioneer Natural Resources Co. PXD. The speculated transaction could see shares of Pioneer being purchased for more than $250 each.

What Happened: As reported by Bloomberg, the all-stock deal is expected to be announced as early as Wednesday. The deal, if it goes through, would value Pioneer at not less than $58 billion, considering the number of outstanding shares. The Bloomberg source added a note of caution, stating that the final agreement is yet to be finalized and the terms may change or the talks could end without a deal.

After the close of trading in New York on Tuesday, Pioneer’s shares had seen a 0.8% increase to $237.41, resulting in a market value of around $55 billion, while Exxon’s shares decreased by 0.4% to $110.45, yielding a market value of approximately $442 billion.

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The potential merger of these two significant landholders in the Permian Basin of Texas and New Mexico would further strengthen Exxon’s position as the area’s largest oil producer.

Why It Matters: According to a previous Benzinga report, Exxon has been on the lookout for opportunities to expand in the West Texas shale following its record-breaking profit in 2022. The acquisition of Pioneer, with a market value of around $50 billion, could be Exxon's biggest deal since its 1999 merger with Mobil.

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