Exxon eyeing Pioneer in possible $60bn acquisition

<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Exxon Mobil" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Exxon-Mobil-iStock-458984107.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p>Experts estimate that such an acquisition could be worth as much as $60bn.  They would be Exxon’s most significant endeavour since the $81bn merger with Mobil Corp. in To date, one of 2023’s biggest agreements were the Pfizer Inc. $43bn acquisition of Seagen Inc.</p>
<p>The Wall Street Journal first reported the possibility of an Exxon takeover of Pioneer and said the details of the deal could likely be ironed out in the next few days. On Thursday, Pioneer closed trading at $214.96, pegging the company’s value at $50.1bn.</p>
<p>When approached by Bloomberg for comment, both Exxon and Pioneer declined to respond to what they called ‘market rumours’. The latter-mentioned company’s prospects attracted interest since its founder and chief executive officer, Scott Sheffield, announced his retirement at the end of 2023.</p>
<p>The unification of <a href="https://www.leaprate.com/forex/market-news/daily-market-news-exxon-to-exit-dow-jones-industrial-average-after-more-than-a-century/" target="_blank" rel="noopener">Exxon</a> and Pioneer would make the combined organisation the most prominent acreage holders in the Permian Basin and boost barrel output to approximately 1.2m a day. Additionally, it will expand XOM.N’s top-tier drilling locations by decades well beyond 2050.</p>
<p>Exxon experienced financial stumbles during COVID-19 as oil prices plunged. It soldiered on by cutting costs and targeted investments, seeing a profit surge of $59bn in 2022. Last year, XOM.N stock gained more than 80%.</p>
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<p>In July, Darren Woods, chief executive officer of Exxon, told investors the company always has an eye on potential mergers and acquisitions. It would, however, be discerning before entering any deals.</p>
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