Exxon in talks for $60 billion acquisition of Pioneer

Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources. With this deal, the American oil and gas producer would be valued at about $60 billion (€57 billion), as reported by Reuters. The acquisition would be Exxon’s biggest since its $81 billion deal for Mobil in 1998.

It would expand its footprint in one of the most lucrative regions of the US oil patch, the Permian Basin. Stretched across the states of Texas and New Mexico, it is the US energy industry’s most coveted because of its relatively low cost to extract oil and gas. Pioneer, which had a market value as of Thursday of $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp and ConocoPhillips. Read More