Exxon Mobil in Advanced Talks to Acquire Pioneer for $60 Billion

Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday.

The acquisition would be Exxon’s biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch.

Pioneer’s shares rose nearly 12% to $240.47 in premarket trading on Friday while Exxon slipped 1.7%.

Read the source article at Reuters