Exxon Eyes Potential Acquisition of U.S. Shale Driller Pioneer

Exxon Mobil Corp has held preliminary talks with Pioneer Natural Resources Co about a possible acquisition of the U.S. shale oil producer, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Discussions between the two companies about a potential deal have been informal, the newspaper said, adding that Exxon executives have discussed a potential tie-up with at least one other company.

Exxon and Pioneer declined to comment on the report.

Exxon views Pioneer as a top target to put its “windfall profits to use,” the report said, adding that the talks may not lead to formal negotiations and Exxon may target another company.

Read the source article at finance.yahoo.com