XOM - Exxon Mobil Reportedly Nearing $60B Megadeal To Buy Pioneer Natural Resources | Benzinga
Exxon Mobil Corp. (NYSE:XOM) is reportedly on the brink of securing a purchase deal with Pioneer Natural Resources Co. (NYSE:PXD), an acquisition that could be worth approximately $60 billion and transform the U.S. oil landscape.
The deal could be finalized in the coming days, but it’s still possible that it might not happen, according to individuals privy to the matter, The Wall Street Journal reported.
Following its record-breaking profit in 2022, Exxon has been exploring opportunities to expand its presence in the West Texas shale, leveraging its abundant cash reserves. The purchase of Pioneer, which has a market capitalization of around $50 billion, could be Exxon’s most significant deal since its 1999 merger with Mobil.
A successful deal would secure Exxon’s dominance in the oil-rich Permian Basin, a region the company deems crucial to its growth strategy. The acquisition would surpass the U.S. oil industry’s most recent significant takeover — Occidental Petroleum’s 2019 acquisition of Anadarko Petroleum for about $38 billion.
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