Exxon Mobil Corp. is near a deal to purchase shale-drilling firm Pioneer Pure Sources for about $60 billion, the Wall Road Journal reported late Thursday.
Citing sources acquainted with the matter, the Journal stated the deal may very well be finalized within the coming days. The Journal had reported in April that the 2 corporations had held preliminary talks.
The acquisition could be one of many largest within the U.S. this 12 months, and Exxon’s largest because it purchased Mobil in 1999. The Journal famous that Exxon has been flush with money since posting file earnings final 12 months, and is trying to develop into the dominant participant within the oil-rich Permian Basin in western Texas and New Mexico.
Exxon has a market cap of about $446 billion, as of Thursday, whereas Pioneer is valued at about $50 billion.
Exxon shares
XOM,
have fallen about 1% 12 months thus far, whereas Pioneer
PXD,
inventory is down about 6% in 2023, The S&P 500
SPX,
compared, is up about 11% 12 months thus far.
