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Direct Investment  + Alternative Assets  + Commodities  + Latest News  + M&As  + Markets  + Real Assets  | 
Exxon Mobil, Pioneer Reportedly in Early Talks Over Blockbuster Shale Deal

Exxon Mobil, Pioneer Reportedly in Early Talks Over Blockbuster Shale Deal

Exxon Mobil Corp. has reportedly begun early conversations with Pioneer Natural Resources Co. about a potential takeover of the West-Texas based driller that owns numerous oil reserves in a key US shale region, according to the Wall Street Journal.

The talks between the two companies for a potential deal have been informal, the Journal reported citing unnamed sources.

Exxon, which reported a record $55.7 billion in profits in 2022, is sitting on a heap of cash and, according to those familiar with the company’s plans, has been looking for a mega deal.

People with knowledge of the situation told the publication that Exxon executives have explored a prospective alliance with at least one other corporation.

Any transaction, if it materializes, is unlikely to happen until later this year or next year, the sources said, adding that, talks may not go to formal negotiations at all, or Exxon may pursue a different company.

The deal would bring together the top Western oil business, which is worth more than $468 billion, with a driller who owns substantial oil reserves in America’s most sought-after fracking hotspot – the oil-rich West Texas Permian Basin and New Mexico.

If Exxon buys Pioneer, which has a market cap of about $49 billion, it would probably be Exxon’s largest deal since its mega-merger with Mobil in 1999.

It is likely that an acquisition of Pioneer would put the company ahead of the most recent blockbuster in the US oil industry, Occidental Petroleum Corp., which purchased Anadarko Petroleum Corp. for approximately $38 billion in 2019, and Exxon’s 2010 acquisition of XTO Energy Inc. for about $30 billion.

Last year’s skyrocketing commodity prices led to record profits for major producers like Exxon, fueling speculation about increased deal activity as companies compete for limited growth in the US shale industry.

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Exxon MobilPioneer Natural Resources Co.

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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