A takeover by giant Exxon would make it the dominant U.S. producer of shale oil and potentially the year’s biggest deal.Exxon Mobil Corp. is in talks to acquire Irving-based Pioneer Natural Resources Co., according to a person familiar with the matter, nearing its largest takeover in more than two decades as the energy giant seeks to become the dominant U.S. producer of shale oil.
Though advanced, the transaction could still fall apart, the person said. Responding to requests for comment from Bloomberg, both Exxon and Pioneer said they don’t comment on “market rumors.” Reports of deal talks between the two energy giantsA deal with Pioneer would unite two of the biggest acreage holders in the Permian Basin of Texas and New Mexico, making Exxon far and away the formation’s biggest oil producer with an output of about 1.2 million barrels a day — more than many OPEC nations.
Sheffield’s more than 20 collective years at the helm of Pioneer is one of the longest ongoing public CEO tenures in the US oil industry. He cut his teeth in the Permian basin more than 40 years ago, continuing to work there through the dark decades when supermajors including Exxon abandoned the basin to search for crude overseas.
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