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Exxon Mobil, one of the world's largest oil and gas companies, has held preliminary discussions with Pioneer Natural Resources.
The discussion is about a possible acquisition of shale oil producer from United States. This is what informed the Wall Street Journal this Friday, citing people with knowledge of the matter.
Discussions between the two companies about a potential deal were informal, the newspaper said, adding that executives at Exxon discussed a possible partnership with at least one other company. Both companies declined to comment on the news.
Exxon sees Pioneer as a top target for putting "its windfall profits to use," the paper said. The talks will not necessarily lead to formal negotiations and Exxon may look for another company.
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Exxon Mobil and its Profits
Last year, the Exxon earned a record $55,7 billion from skyrocketing oil prices. oil and gas and ended the year with $29,6 billion in cash and cash equivalents. The biggest US oil producer signaled this week that its first-quarter operating profits were down about 25% from the fourth quarter of last year, as prices fell from gas and oil and rising costs of refinery maintenance.
Pioneer Natural Resources and its shale production
A Pioneer is the third largest oil producer after Chevron Corp. and ConocoPhillips in the major US shale basin. if the Exxon buy the Pioneer, it will have access to one of the most valuable oil and gas fields in the United States. The acquisition would also strengthen Exxon's position in the shale production from United States.
However, the Pioneer denied a recent press report six weeks ago that it was considering a takeover of smaller rival range resources corp. Both companies denied that there were discussions about a possible merger.
The acquisition of Pioneer by Exxon Mobil it would be a big deal for both parties. Exxon would have access to one of the most valuable oil and gas fields in the United States, and Pioneer would have a strong and experienced partner in the oil and gas market. US shale production. Discussions between the two companies are still informal and will not necessarily lead to an agreement, but Exxon's acquisition of Pioneer appears to be a real possibility.
