Exxon is in active talks to acquire Pioneer Natural Resources in a deal that could be worth up to $60 billion, Reuters reports. It would be the biggest deal for the US oil giant since its merger with Mobil in the 1990s and would make the company the leader in the oil market.
Pioneer has a market capitalization of about $50 billion. Exxon, for its part, has a market capitalization of $436 billion and plenty of money to spend consolidating the industry beyond a record 2022. According to Reuters sources, a deal is imminent.
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Pioneer is the third largest oil producer behind Chevron and ConocoPhillips.
The Pioneer acquisition would add over 700,000 barrels of oil equivalent in production to its production. Exxon’s own output as of the second quarter of the year was 620,000 barrels per day.
2023-10-06 13:37:36
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