ExxonMobil May Buy Pioneer Natural Resources, but Is It a Good Move?
With oil prices having plunged during the pandemic, spiked hard after Russia's invasion of Ukraine, and then fallen again as the Federal Reserve raised interest rates, the oil and gas industry has seen its fair share of volatility in recent years. Oh, and the rise of electric vehicles makes the terminal value of many oil fields a looming question.
So it's no surprise to see subscale oil and gas companies look to sell these days, while larger players look to bulk up, diversify, and cut costs from merger synergies.
Over the weekend, it was reported that oil giant ExxonMobil (NYSE: XOM) is in talks to potentially acquire shale pure play Pioneer Natural Resources (NYSE: PXD).
Source Fool.com
