XOM - Exxon Mobil Pioneer Natural Resources On Cusp Of Mega Deal Shares React | Benzinga
Exxon Mobil Corp (NYSE:XOM) shares are trading lower Friday after reports surfaced that it is nearing the completion of a $60 billion acquisition.
The move sent shares of the target company, Pioneer Natural Resources Co (NYSE:PXD), nearly 10% higher.
Exxon Mobil aims to further solidify its foothold in the U.S. oil sector, especially the lucrative Permian shale basin.
Pioneer is currently the third-largest oil producer in the Permian basin behind Chevron Corporation (NYSE:CVX) and ConocoPhillips (NYSE:COP).
Exxon’s interest in Pioneer is not a recent revelation. The company has long viewed ...