Here's a look at what Exxon is getting in Pioneer and how Wall Street is reacting to the deal.
Piper Sandler analyst Ryan Todd also pointed to Chevron as a company that could feel added pressure from Exxon's acquisition of Pioneer.
Exxon's Denbury deal, for example, seeks to capitalize on a carbon capture, utilization, and storage (CCUS) company on the Gulf Coast and Rocky Mountain regions.
What it means for Exxon's stock Piper Sandler's Todd maintained his overweight rating on Exxon on Wednesday and praised the Pioneer deal.
However, Exxon's stock was down 3% in early trading Wednesday, while Pioneer rose just 1%, suggesting others are less sure.
Persons:
Warren Buffett, Darren Woods, John Silverstein, Woods, We're, Biraj Borkhataria, Piper Sandler, Ryan Todd, Exxon's, Piper Sandler's Todd, RBC's, Borkhataria, — CNBC's Michael Bloom
Organizations:
Exxon Mobil, Natural Resources, Exxon, Mobil, Denbury, Occidental Petroleum, UBS, Pioneer, EOG, APA Corp, RBC Capital Markets, Chevron, CVX, RBC
Locations:
United States, West Texas, New Mexico, Midland, Gulf