Exxon Mobil said on Wednesday it will acquire US rival Pioneer Natural Resources in a deal valued at $59.5 billion, Reuters reported.
Exxon offered $253 per Pioneer share. Shares of Pioneer, which closed Tuesday at $237.41. US, later rose 1.1 percent to $239.98.
The deal would be the largest since the $81 billion purchase of Exxon Mobil Oil in 1998 and the largest this year.
Exxon posted a record profit of $56 billion last year, two years after losses ballooned to $22 billion during the COVID-19 pandemic.
Exxon chased away some of the huge gains from soaring oil prices by setting aside about $30 billion in cash in anticipation of deals, analysts said.
Source: Hot News
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