Exxon Mobil (XOM) reportedly is near a deal to buy Pioneer Natural Resources (PXD) for roughly $60 billion.
Exxon could seal a deal for shale drilling pioneer Pioneer in days, The Wall Street Journal reported Thursday night, assuming last-minute talks don’t hit a roadblock.
A deal would give Exxon Mobil a massive presence in the oil-rich Permian Basin.
Exxon Mobil was in early talks for Pioneer Natural Resources in April, the Journal reported at the time. PXD stock popped 4.5% on April 10 on that report.
Pioneer Natural Resources stock closed with a $50.1 billion market cap. Exxon stock has a $436 billion valuation.
Extended trading has ended, so there’s no immediate investor reaction.
PXD stock edged down 0.2% to 214.96 in Thursday’s market trading. XOM fell 2.25% to $108.89.
U.S. crude oil prices slumped 2.3% to $82.31 a barrel on Thursday.
Please follow Ed Carson on X/Twitter at @IBD_ECarson and Threads at @edcarson1971 for stock market updates and more.
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