Exxon in talks to buy Pioneer – report

<p>The <a href="https://www.wsj.com/business/deals/exxon-mobil-closing-in-on-megadeal-with-shale-driller-pioneer-31b4092e?mod=hp_lead_pos1" target="_blank" rel="nofollow">WSJ reports</a> that Exxon is in talks to buy Pioneer Natural Resources in what would be the largest oil deal since Exxon and Mobile came together and one of the largest corporate takeovers ever.</p><p>Pioneer's market cap is $50 billion and the WSJ says the takeover could be worth 'roughly $60 billion' and that a deal could be sealed as soon as in the coming days, though it's still possible it doesn't get done. Shares of PXD have jumped to $246 from $214 in the premarket.</p><p>It's unlikely any deal had leaked into the market as shares of Pioneer plunged this week alongside other oil companies. The deal isn't entirely surprising as there were reports of talks in April.</p><p>A clue towards Exxon's thinking came from CEO Darren Woods earlier this year when he touted technology that could significantly improve share recoveries. </p><p>"We are beginning to see the signs of some very promising new
technologies" that will "significantly improve recovery" volumes, Woods
said at the Bernstein Strategic Decisions conference.</p><p>Earlier this year, Exxon also acquired Denbury Resources in a no-premium deal that gives it a dominant position in carbon dioxide pipelines.</p>

This article was written by Adam Button at www.forexlive.com.