If negotiations conclude successfully, a deal could be reached between Exxon and Pioneer in the coming days, said the three sources, who asked not to be identified because the matter is confidential.
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources, in a deal that could value the Permian shale producer at around $60 billion.said people familiar with the matter.
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The acquisition would be Exxon’s largest since its $81 billion purchase of Mobil in 1998 and would expand its presence in one of the most lucrative regions of the US oil basin.


Pioneer shares soared almost 12%, to $240.47, before the opening of Wall Street, while Exxon shares lost 1.7%.
Pioneer, whose market value as of Thursday was $50 billion, is the third largest oil producer in the Permian Basin, after Chevron Corp and ConocoPhillips. That basin, which spans parts of Texas and New Mexico, is the most coveted in the U.S. energy industry because of its relatively low cost to extract oil and gas.
If negotiations are concluded successfully, an agreement between Exxon and Pioneer could be reached in the coming days, said the three sources, who asked not to be identified because the matter is confidential.
Spokespeople for Exxon and Pioneer declined to comment. The Wall Street Journal first reported Thursday that the two companies were close to a deal.
Exxon, which has a market value of $436 billion, is the largest oil producer in the United States, averaging 3.8 million barrels of oil equivalent per day from its global operations.
Last year it earned a record $55.7 billion thanks to high oil and gas prices and closed the year with $29.6 billion in cash.
Source: Ambito

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