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Exxon Mobil in advanced talks for $60-billion acquisition of Pioneer, sources say

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Exxon, which is valued at about $436 billion, last year earned a record $55.7 billion on sky high oil and gas prices and ended the year with $29.6 billion in cash and equivalents

Some of those record profits have tapered off this year as commodity prices, which surged after Russia’s invasion of Ukraine, have fallen over concerns about future demand at a time when high inflation has weighed on consumer spending.

On Wednesday, Exxon said big increases in oil, gas and fuel prices would deliver a third-quarter operating profit between $8.3 billion and $11.4 billion, below the year ago’s record earnings but up from its second quarter.Tickers mentioned in this story

 

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