Exxon Mobil (XOM) struck a deal Wednesday to buy Pioneer Natural Resources (PXD) for nearly $60 billion, the largest oil and gas deal in two decades that will tie the energy giant to fossil fuels for decades to come.
The purchase price represents a nearly 7% premium to Pioneer's market value of about $55.4 billion at Tuesday's close. The purchase price is $253 per share. The deal could cement Exxon's dominance of the US fracking industry, which is concentrated in West Texas, where Pioneer has more drilling sites than almost any of its rivals.
Pioneer's stock was up about 3 percent in premarket trading on Wednesday. Exxon's shares fell less than 1 percent.
The deal is Exxon's biggest since its $75 billion acquisition in the late 1990s and the biggest corporate deal so far this year. The Wall Street Journal...
Exxon Mobil (XOM) struck a deal Wednesday to buy Pioneer Natural Resources (PXD) for nearly $60 billion, the largest oil and gas deal in two decades that will tie the energy giant to fossil fuels for decades to come.
The purchase price represents a nearly 7% premium to Pioneer's market value of about $55.4 billion at Tuesday's close. The purchase price is $253 per share. The deal could cement Exxon's dominance of the US fracking industry, which is concentrated in West Texas, where Pioneer has more drilling sites than almost any of its rivals.
Pioneer's stock was up about 3 percent in premarket trading on Wednesday. Exxon's shares fell less than 1 percent.
The deal is Exxon's biggest since its $75 billion acquisition in the late 1990s and the biggest corporate deal so far this year. The Wall Street Journal reported last week that Exxon and Pioneer were nearing a merger agreement.