Shares of Pioneer Natural Resources Company (NYSE: PXD) rose modestly in the extended trading Wednesday following a Bloomberg report hinting at the possibility of Exxon Mobil (NYSE: XOM) finalizing a significant Permian shale deal as soon as Wednesday.
Exxon Mobil (NYSE: XOM) is on the brink of a significant acquisition, with the energy giant reportedly in advanced negotiations to acquire Pioneer Natural Resources Company (NYSE: PXD) for more than $250 a share.
Exxon Mobil could make an official announcement of an all-stock takeover as soon as Wednesday morning, according to inside sources cited by Bloomberg. Such a deal would result in the valuation of Pioneer Natural Resources at $58 billion or more.
The Wall Street Journal had already hinted at this historic deal’s proximity in an October 5 report, speculating a Pioneer Natural takeover for approximately $60 billion. This announcement is the culmination of early-stage talks initiated in April between Exxon and Pioneer.
Pioneer Natural Resources (PXD) saw its stock surge 2.77% in late Tuesday trading, closing at $243.99 per share, reflecting the growing excitement surrounding the potential acquisition. In contrast, Exxon Mobil (XOM) dipped slightly, down -0.59% to $109.80.
In the regular trading session on Tuesday, Pioneer Natural Resources stock rose 0.76% to close at $237.41, with a market cap of $55.35 billion, up from $50.1 billion last Thursday. Meanwhile, Exxon Mobil dipped 0.42% to $110.45.