NEW YORK, Oct 7 ― Shares of Pioneer Natural Resources surged more than 10 per cent yesterday following reports the shale producer is nearing a megadeal to be acquired by...
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Exxon Mobil is reportedly near to purchasing Pioneer Natural Resources for roughly US$60 billion. Shares of Pioneer Natural Resources rose as rumours of the deal broke. ― Reuters picNEW YORK, Oct 7 ― Shares of Pioneer Natural Resources surged more than 10 per cent yesterday following reports the shale producer is nearing a megadeal to be acquired by ExxonMobil.
The potential transaction, which would bolster ExxonMobil's holdings in the Permian Basin in Texas and New Mexico, could be announced “in the coming days” and be worth US$60 billion , reported thePioneer's output of 707,000 barrels per day of oil equivalent amount to just over a quarter of ExxonMobil's production, but Dallas-based Pioneer is known for an exceptionally large acreage position in the Permian.
A deal could allow ExxonMobil to significantly boost oil and natural gas output from the petroleum basin, which is well positioned to provide key raw materials to ExxonMobil petrochemical assets in the Gulf Coast that the oil giant has expanded.While today's oil prices are above the level at which ExxonMobil usually undertakes big deals, “we think the stars could be aligning on several fronts, which make the deal plausible,” said a note from JPMorgan Chase.
“This would be a fitting way to conclude his tenure in what appears to be a shareholder-friendly manner,” JPMorgan said.
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