exxon-mobil-could-seal-huge-permian-shale-deal-as-soon-as-wednesday

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.

X

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.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Magnificent Seven May Be Gearing Up For Fantastic Finish To 2023

Futures: Market Rally Hits Resistance; 6 New Stocks In Buy Areas

LEAVE A REPLY

Please enter your comment!
Please enter your name here