Exxon set to buy shale rival Pioneer for $60 billion in stock - sources
Exxon, which was valued at $442 billion on Tuesday, is expected to make a pure stock offer valued at more than $250 a share for Pioneer, the people said on condition of anonymity because the details were not public.
Pioneer shares, which closed at $237.41 on Tuesday, were up 2.7% at $244 in premarket trading. Exxon shares were trading marginally lower.
It would be the largest acquisition by any company this year and Exxon’s biggest since its $81 billion purchase of Mobil Oil in 1998.
Exxon declined to comment on “market speculation,” while Pioneer did not immediately respond to a request for comment.
The deal will leave four of the largest U.S. oil companies in control of much of the Permian Basin shale field and its extensive oilfield infrastructure.
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