Exxon Secures Lead in Top U.S. Oilfield With the $60 Billion Purchase of Shale Rival Pioneer

Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.

The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the country into the world’s largest oil producer in little more than a decade.

The offer represents a 9% premium to Pioneer’s average price for the 30 days prior to Oct. 5, when reports of deal talks surfaced. Pioneer shares were up 2% at $241.79 in premarket trading. Exxon shares fell 2.5%.

Read the source article at Yahoo Finance