The oil giant’s reported interest in Irving-based Pioneer Natural Resources sent shares higher on shale oil drilling companies.
While Stifel analyst Derrick Whitfield views “an imminent deal with PXD as unlikely,” if Exxon does buy Pioneer, then Diamondback and Permian Resources Corp. are “the best derivatives,” he wrote in a note. Whitfield called Diamondback the closest peer to Pioneer.Some investors see Exxon’s interest in Pioneer as an isolated play for a sizable number of drilling locations.
However, Nuttall isn’t anticipating a wave of oil takeovers, especially outside of Texas and beyond the U.S. into Canada and elsewhere. Truist Securities analyst Neal Dingmann disagrees, expecting the rest of 2023 to be a busy time for oil deals. He expects Exxon and competitor Chevron Corp. to be on the hunt, given their desire to boost inventory. And he sees Devon, Diamondback, Coterra Energy Inc., APA Corp. and Permian Resources as firms that “could remain active in the M&A market,” he wrote in a note.
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