Exxon in talks to pay over $250 per share for Pioneer

© Reuters. FILE PHOTO: ExxonMobil and Pioneer Natural Resources logos are seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo XOM -0.42% Add to/Remove from Watchlist Add to Watchlist Add Position

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(Reuters) -Top U.S. oil producer Exxon Mobil (NYSE:XOM) is in talks to pay more than $250 per share for Pioneer Natural Resources (NYSE:PXD) Co, according to a person familiar with the matter.

An all-stock deal could be announced as soon as Wednesday, the person said.

Bloomberg News reported about the deal earlier. Pioneer and Exxon did not immediately respond to a Reuters request for comment.

Pioneer, which closed at $237.41 on Tuesday at a market valuation of about $55.35 billion, is the third-largest oil producer in the Permian basin after Chevron Corp (NYSE:CVX) and ConocoPhillips (NYSE:COP).

Exxon in talks to pay over $250 per share for Pioneer

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