Why Pioneer Natural Resources Stock Is Surging Today
Shares of Pioneer Natural Resources (NYSE: PXD) were trading 10% higher as of noon Friday on reports that ExxonMobil (NYSE: XOM) is about to acquire the oil and gas producer in a megabillion-dollar deal.
Oil and gas giant ExxonMobil is reportedly closing on a $60 billion deal to acquire Pioneer Natural, according to The Wall Street Journal. The newspaper stated that a deal could be closed in the coming days, although it also cautioned that nothing is finalized yet.
The Wall Street Journal first reported a potential deal in April this year when it said the two oil companies were in preliminary talks to merge.
Source Fool.com
