XOM - Will ExxonMobil Set Off a Merger Wave in the Oil Patch?
2023-10-10 06:30:00 ET
ExxonMobil (NYSE: XOM) is reportedly close to acquiring Pioneer Natural Resources (NYSE: PXD) . The Wall Street Journal said the megadeal could be worth over $60 billion. That would make it Exxon's biggest deal since acquiring Mobil in 1999.
If Exxon does indeed acquire Pioneer , it could push rivals like Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP) to pursue a tie-up with a smaller competitor. Here's a look at how an Exxon megamerger could cause big changes in the oil patch.
Exxon's reported interest in Pioneer isn't new. The Journal reported in April that the two oil companies had held preliminary merger talks. A deal would seem to follow a similar pattern for the oil giant, which had on again off again rumors of interest in Denbury Resources before sealing a $4.9 billion deal a few months ago.
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Will ExxonMobil Set Off a Merger Wave in the Oil Patch?