(Bloomberg) — Exxon Mobil Corp. is close to a $58 billion deal to buy Pioneer Natural Resources Co., underpinning a bet that oil and gas will remain central to the world’s energy mix for decades no matter what path nations take toward a lower-carbon future.
Most Read from Bloomberg
Exxon is in talks to pay more than $250 a share for the Irving, Texas-based shale producer, according to a person familiar with the matter. An all-stock deal could be announced as soon as Wednesday, said people familiar with the matter, who asked to not be identified because it isn’t public.
A final agreement hasn’t been reached and the terms could change or talks could still end without a deal, the people said. Representatives for Exxon and Pioneer declined to comment.
An agreement at $250 a share would be a 16% premium to Pioneer’s closing price of $214.96 on Thursday, before reports emerged that the two companies were in talks. That would value Pioneer at at least $58 billion, based on its…
2023-10-10 21:06:11
Post from finance.yahoo.com
rnrn
(Bloomberg) — Exxon Mobil Corp. is on the verge of acquiring Pioneer Natural Resources Co. for $58 billion, demonstrating their belief that oil and gas will continue to play a central role in the global energy mix for many years, regardless of the various paths nations may take towards a lower-carbon future.
Most Read from Bloomberg
Exxon is currently in negotiations to purchase the Irving, Texas-based shale producer for over $250 per share, as disclosed by an anonymous source. It is anticipated that an all-stock deal will be officially announced this Wednesday, according to insiders who wish to remain anonymous due to the confidential nature of the matter.
While a final agreement has not yet been reached and the terms are subject to change, or the talks may even collapse without a deal, representatives from Exxon and Pioneer have chosen not to comment at this time.
If the agreement is reached at $250 per share, it would represent a 16% premium over Pioneer’s closing price of $214.96 on Thursday, prior to reports of the ongoing discussions. This would value Pioneer at a minimum of $58 billion, based on its…
2023-10-10 21:06:11
Post from finance.yahoo.com
rnrn
