Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday.
The acquisition would be Exxon’s biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the US oil patch.
Pioneer’s shares rose nearly 12 per cent to $240.47 in pre-market trading on Friday while Exxon slipped 1.7 per cent. Pioneer, which had a market value as of Thursday of $50 billion, is the largest producer of oil in the Permian basin after Chevron and
