Exxon Mobil (XOM) reportedly is near a deal to buy Pioneer Natural Resources (PXD) for roughly $60 billion. XOM stock fell slightly Friday morning while PXD stock leapt.
X
Exxon could seal a deal for shale drilling pioneer Pioneer in days, The Wall Street Journal reported Thursday night, assuming last-minute talks don’t hit a roadblock.
A deal would give Exxon Mobil a massive presence in the oil-rich Permian Basin.
Exxon Mobil was in early talks for Pioneer Natural Resources in April, the Journal reported at the time. PXD stock popped 4.5% on April 10 on that report.
Pioneer Natural Resources stock closed Thursday with a $50.1 billion market cap. Exxon stock has a $436 billion valuation.
Friday more, PXD stock leapt 11% to 238.67. On Thursday, Pioneer Natural edged down 0.2%.
XOM stock retreated 1.35% to 107.52 on Friday, but well off morning lows. On Thursday, shares fell 2.25%, closing below their 200-day line a day after knifing through the 50-day. Exxon stock broke out on Sept. 27, clearing a 118.84 buy point, but has sold off since.
U.S. crude oil prices futures rose slightly Friday, but have tumbled over the several days on demand concerns.
Please follow Ed Carson on X/Twitter at @IBD_ECarson and Threads at @edcarson1971 for stock market updates and more.
YOU MAY ALSO LIKE:
Best Growth Stocks To Buy And Watch
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
