Last week, Pioneer Natural Resources (PXD) stock rose 8.5% on reports that the shale oil producer discussed a possible acquisition with Exxon Mobil (XOM). What’s in it for Exxon Mobil?
After Chevron (CVX) and ConocoPhillips (COP) , Pioneer is the third-largest oil producer in the Permian basin, the oil-rich region stretching across Texas and New Mexico.The Pioneer acquisition would be the largest for the oil and gas giant since the merger of Exxon and Mobil in 1999. It would help Exxon Mobil boost its global inventory and build a dominant position in the Permian Basin oil patch.
