Exxon Mobil Corp. is near a deal to purchase shale-drilling firm Pioneer Natural Resources for about $60 billion, the Wall Street Journal reported late Thursday.
Citing sources acquainted with the matter, the Journal mentioned the deal may very well be finalized within the coming days. The Journal had reported in April that the 2 firms had held preliminary talks.
The acquisition could be one of many largest within the U.S. this 12 months, and Exxon’s largest because it purchased Mobil in 1999. The Journal famous that Exxon has been flush with money since posting document income final 12 months, and is seeking to turn into the dominant participant within the oil-rich Permian Basin in western Texas and New Mexico.
Exxon has a market cap of about $446 billion, as of Thursday, whereas Pioneer is valued at about $50 billion.
Exxon shares
XOM,
have fallen about 1% 12 months to this point, whereas Pioneer
PXD,
inventory is down about 6% in 2023, The S&P 500
SPX,
compared, is up about 11% 12 months to this point.
Source web site: www.marketwatch.com
