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

📆 10/6/2023 5:40 AM
📰 Reuters

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Exxon Mobil (XOM.N) is in advanced talks to acquire Pioneer Natural Resources (PXD.N) in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday.

The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant/File Photoin a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday.

If the negotiations conclude successfully, an agreement between Exxon and Pioneer could be reached in the coming days, the three sources said, asking not to be identified because the matter is confidential. Last year it earned a record $55.7 billion thanks to high oil and gas prices and ended the year with $29.6 billion in cash.

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