[1/2] The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019.
The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch.
Pioneer, which had a market value as of Thursday of $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp (CVX.N) and ConocoPhillips (COP.N).
If the negotiations conclude successfully, an agreement between Exxon and Pioneer could be reached in the coming days, the three sources said, asking not to be identified because the matter is confidential.
Exxon produced about 620,000 boed in the Permian basin in the second quarter, a record for the company.
Persons:
Angus Mordant, Bill Smead, Exxon, Scott Sheffield, Richard Dealy, David French, Anirban Sen, Sabrina Valle, Greg Roumeliotis, Lincoln, Kim Coghill
Organizations:
REUTERS, Exxon Mobil, Natural Resources, Mobil, Chevron Corp, ConocoPhillips, Exxon, Pioneer, Street Journal, Smead Capital Management, Energy Inc, DoublePoint Energy, Parsley Energy, Thomson
Locations:
Loving County , Texas, U.S, Texas, New Mexico, Ukraine, dealmaking, Dallas, New York, Houston