Exxon Mobil Reportedly Nearing $60 Bln Deal To Buy Pioneer

(RTTNews) - Energy major Exxon Mobil Corp. (XOM) is nearing a $60 billion deal to buy Pioneer Natural Resources Co. (PXD), the Wall Street Journal reported, citing people familiar with the matter.

An acquisition of the shale-focused company could be completed in the coming days on the absence of any complications, the report said.

Exxon Mobil's biggest acquisition since merging with Mobil Corp. in 1999 would make it a top producer in the US oil basin. A combined company will have an output of about 1.2 million barrels a day.

Exxon's CEO Darren Woods in July had said that the company would continue to review potential M&A.

Reports had emerged in April that Exxon Mobil held talks to take over the oil and gas exploration and production company.

As of Thursday, Pioneer had a market valuation of about $50.12 billion.

In its recent second quarter, Pioneer reported earnings of $1.10 billion or $4.55 per share, lower than last year's $2.37 billion, or $9.30 per share. Adjusted earnings were $1.09 billion or $4.49 per share for the period.

The company's revenue for the quarter fell 33.5% to $4.60 billion from $6.92 billion last year.