Exxon Mobil reportedly is near a deal to buy Pioneer Natural Resources for roughly $60 billion. XOM stock fell slightly Friday while PXD stock leapt.
Exxon could seal a deal for shale drilling pioneer Pioneer in days, The Wall Street Journal reported Thursday night, assuming last-minute talks don't hit a roadblock.
A deal would give Exxon Mobil a massive presence in the oil-rich Permian Basin.
Exxon Mobil was in early talks for Pioneer Natural Resources in April, the Journal reported at the time. PXD stock popped 4.5% on April 10 on that report.
Pioneer Natural Resources stock closed Thursday with a $50.1 billion market cap. Exxon stock has a $436 billion valuation.
On Friday, PXD stock leapt more than 10% to 237.43, gapping above its 50-day and 200-day lines. The move gave Pioneer Natural a $55.35 billion market cap.
XOM stock retreated 1.7% to 107.17 on Friday, but off morning lows. On Thursday, shares fell 2.25%, closing below their 200-day line a day after knifing through the 50-day. Exxon stock broke out on Sept. 27, clearing a 118.84 buy point, but has sold off since.
U.S. crude oil prices futures rose slightly Friday, but have tumbled over the several days on demand concerns.
Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
