Exxonmobil plans to buy Pioneer Natural Resources for about $60 billion, Reuters reported Wednesday. If completed, the deal would be the biggest corporate takeover of the year and Exxon's biggest since 1998.

As of Monday's close, ExxonMobil's market value was $442 billion. The report, citing sources, said ExxonMobil paid more than $250 per share for Pioneer Natural Resources, above its 10-day closing price of $237.41. The company's shares have risen 11 per cent since takeover rumours emerged on Friday.
Exxon declined to comment on "market speculation." Pioneer Natural Resources did not respond to a request for comment.
The move comes as Exxon has used cost cuts, asset sales and rising oil prices to pull itself out of steep losses and huge debt in recent years. In 2022, ExxonMobil made a record net profit of $56 billion.
Pioneer Natural Resources is one of the most successful oil companies to emerge from the shale oil revolution, and the third-largest oil producer in the Permian Basin in the United States, behind Chevron and Conocophillips.
The acquisition of Pioneer Natural Resources could allow ExxonMobil to lock in low-cost oil production for the next decade, Reuters reported, citing people familiar with the matter. According to the data, Vanguard Natural Resources' average cost of shale oil and gas extraction is about $10.50 per barrel.
Exxon shares recently hit an all-time high of $120 a share.