Canox HK - Shale Fracker Takeover by ExxonMobil Potential Pioneer Natural Resources Company

SHEUNG WAN, Hong Kong - May 16, 2023 - PRLog -- Pioneer Natural Resources (PXD) stock is surging on news that ExxonMobil (XOM) is in early talks to buy the shale fracker, in what might be the oil giant's largest acquisition in more than two decades.

Thus far, talks have been informal, according to the Wall Street Journal, and ExxonMobil has explored a deal with at least one other corporation.

A buyout of Pioneer, which has a market valuation of $49 billion, would be Exxon's largest since the merger of Exxon and Mobil in 1999. That would give ExxonMobil a commanding position in the critical Permian Basin oil sector in Texas and New Mexico, a location in which the company has signaled an interest in expanding. According to persons familiar with the situation, the business has been searching to make a purchase in the Permian Basin for months.

"We Climbed In"

ExxonMobil is rich with cash after reporting a record profit of $55.7 billion in 2022, as the company spent more on drilling while competitors focused on other energy initiatives.

In the company's quarterly report, CEO Darren Woods said that the "counter-cyclical investments we made before and throughout the pandemic supplied the energy and goods people needed when economies started to recover and supply became tight." "While others leaned out, we leaned in," he continued.

Pioneer Natural Resources shares increased 5%, while ExxonMobil shares fell slightly. Shares of the former are down 3% year to date, while those of the latter are up 4%.

Canox Investments Limited https://canoxil-hk.com is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind.