Posted on 10/06/2023 12:03:51 PM PDT by Red Badger
Deal could be sealed in coming days, though it is still possible there won’t be one
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Exxon Mobil is closing in on a deal to buy Pioneer Natural Resources PXD a blockbuster takeover that could be worth roughly $60 billion and reshape the U.S. oil industry.
A deal could be sealed as soon as in the coming days, though it is still possible there won’t be one, people familiar with the matter said.
After posting a record profit in 2022, Exxon has been flush with cash and exploring options that would push it deeper into West Texas shale.
An acquisition of Pioneer, with a market cap of around $50 billion, would likely be Exxon’s largest deal since its megamerger with Mobil in 1999. It would give Exxon a dominant position in the oil-rich Permian Basin of West Texas and New Mexico, a region the oil giant has said is integral to its growth plans.
The Wall Street Journal reported in April that the two companies were holding preliminary talks.
Exxon has a market value of $436 billion, so the deal, which would be the biggest takeover of the year, should be easily doable.
A deal would eclipse the U.S. oil industry’s most recent blockbuster, Occidental Petroleum’s 2019 acquisition of Anadarko Petroleum for about $38 billion, and top Exxon’s 2010 purchase of XTO Energy for more than $30 billion.
(Excerpt) Read more at wsj.com ...
The last thing we need is big businesses getting bigger. Where’s the competition in that? It simply streamlines corporatism and government meddling in business.
Would have bought 100 shares a week ago, if only a Congressperson had given me the insider tip...
IF everyone tracked what Pelosi buys, there would be more wealth.
FUNNY everything Pelosi buys/owns/ handles is a big secret—BUT ANYTHING TRUMP DOES IS OPEN FOR CRITICISM
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BUT ANYTHING TRUMP DOES IS OPEN FOR CRITICISM
It’s what democrats call diversion page three in hand book.
It is a fact that much of the Midland Basin / Permian acreage owned by Pioneer was formerly owned by Exxon Mobil - before shale technology.
Drill & Frac, Drill & Frac, Drill & Frac !
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