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Exxon Is Buying Pioneer. Why the Biggest Oil Company Is Getting Bigger.

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The acquisition would be its biggest since Mobil and would eclipse the 2019 merger between Occidental and Anadarko.

Exxon Mobil is close to announcing a deal to buy Pioneer Natural Resources, just as oil prices jump on increased worldwide demand and supply curbs.

A $60 billion deal could be announced in the next few days, The Wall Street Journal said, citing people familiar with the matter. With a current market value of about $50 billion, Exxon’s purchase would be its biggest since its merger with Mobil in 1999. It would also be bigger than Occidental Petroleum’s purchase of Anadarko in 2019 for $38 billion, the most recent megadeal in the oil industry.Acquiring Pioneer would make Exxon the dominant player in the U.S. Permian in Texas and New Mexico.

It may also be the start of a string of other smaller explorers getting snapped up. Permian Resources stock was up 1.6% in the premarket. Diamondback Energy jumped 2.8%.

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