Exxon Mobil (XOM) is near a deal to buy Permian Shale giant Pioneer Natural Resources (PXD) for more than $250 a share, Bloomberg reported Tuesday night. XOM stock edged lower overnight while Pioneer Natural rose modestly.
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Exxon could announce an all-stock takeover as soon as Wednesday morning, Bloomberg reported, citing a source. A price above $250 a share would value Pioneer Natural Resources at $58 billion or more.
On Oct. 5, The Wall Street Journal reported that Exxon Mobil was close to a Pioneer Natural takeover deal for roughly $60 billion. Back in April, the WSJ reported Exxon and Pioneer were in early talks.
PXD stock climbed 2.8% late Tuesday to 243.99. Exxon dipped 0.4% to 110.
In Tuesday’s session, Pioneer advanced 0.8% to 237.41, while XOM stock dipped 0.2% to 110.45. At Tuesday’s close, Pioneer stock had a $55.35 billion market cap. Last Thursday, PXD stock had a $50.1 billion valuation.
Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
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