Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said Thursday.
The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch.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. That basin, which stretches across parts of Texas and New Mexico, is the U.S.
Exxon, which has a market value of $436 billion, is the largest U.S. oil producer with an average 3.8 million barrels of oil equivalent per day from its global operations. Acquiring Pioneer would give Exxon more established oil-producing land it can rely on to increase production when needed, rather than risk its cash on the development of unproven acreage.
The potential deal is set to attract political and regulatory scrutiny, after the White House accused Exxon in February of achieving bumper profits at the expense of consumers.
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