Pioneer Natural Resources Co's shares rose as much as 8.5% on Monday following a report that Exxon Mobil Corp held preliminary talks with the U.S. shale oil producer about a possible acquisition.
in the Permian basin, the biggest in the United States. It currently has a market capitalization of around $49 billion, according to Refinitiv data.
"Would not be surprised to see Exxon step up for PXD's scale and inventory depth in the Midland Basin, but the price tag will ultimately be based on the oil prices underwritten by Exxon. In the current environment, we think ~$250/bbl, or a 20% premium," said Gabriele Sorbara, managing director of Equity Research at Siebert Williams Shank & Co.
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