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☆ Surging rents lift US consumer prices; underlying inflation grinding lower
▼ + stars: | 2023-10-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The so-called core CPI was also lifted by a 3.7% rise in the cost of lodging away from home, which ended three straight monthly declines. The core CPI gained 4.1% on a year-on-year basis in September, the smallest rise since September 2021, after advancing 4.3% in August. Over the last three months, the core CPI increased 3.1%. Still-strong demand in the economy, marked by labor market tightness, which is driving core services inflation excluding rents, imply that the higher rates could last for some time. Reuters GraphicsThere is no sign yet that the United Auto Workers (UAW)strike, now in its fourth week, is having a major impact on the labor market.

Persons: Olu Sonola, Stephen Juneau, Bing Guan, Seema Shah, Lucia Mutikani, Paul Simao Organizations: Federal Reserve, Labor Department, Higher U.S, Treasury, Fitch, CPI, Reuters, Bank of America Securities, Mobil, REUTERS, Fed, Financial, United Auto Workers, UAW, Ford, General Motors, Chrysler, Asset Management, Thomson Locations: WASHINGTON, U.S, New York, Beverly Boulevard, West Hollywood , California

☆ Truist upgrades Exxon Mobil, cites long-term benefits from Pioneer acquisition
▼ + stars: | 2023-10-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Truist is finding a number of positives in Exxon Mobil 's deal to buy Pioneer Natural Resources . "While we forecast moderate near-term incremental earnings/cash flow from Exxon acquiring Pioneer (PXD, Hold), we anticipate more pronounced longer-term benefits in '25+ given the notably more productive proforma US inventory," he wrote. Exxon Mobil announced on Wednesday that it agreed to buy Pioneer Natural Resources at $253 per share in an all-stock deal, or $59.5 billion. Despite the recent share performance, the Wall Street firm sees more upside ahead for Exxon Mobil, upping its price to $131 from $110 a share. XOM 1M mountain Exxon Mobil shares over the last month Dingmann also expects the Pioneer acquisition — and ongoing operating improvements — to keep Exxon Mobil the path toward accomplishing its $9 billion cost savings plans, while leading to new cost tightening over the longer term.

Persons: Neal Dingmann, Dingmann, Michael Bloom Organizations: Exxon Mobil, Natural Resources, Exxon, Pioneer, Mobil

WASHINGTON, Oct 12 (Reuters) - U.S. prosecutors say an Israeli private investigator used hackers to steal emails from climate activists who were campaigning against American energy giant Exxon Mobil Corp (XOM.N). Prosecutors stopped short of stating a connection between the Israeli private eye – former policeman Aviram Azari – and Exxon, and the memo did not identify any of his clients. Victims say that leaves a key question unanswered. Exxon pushed back, filing lawsuits that cited press articles, which suggested the activists were using underhanded tactics. “Azari facilitated the hacking scheme by directing groups of hackers, including a particular group of individuals based in India, to target specific victims,’” prosecutors wrote.

Persons: Damian Williams, parry, Prosecutors, Aviram Azari, Kert Davies, Paul Weiss, Bradley Campbell, Williams, Azari, Barry, “ Azari, ’, Raphael Satter, Christopher Bing, Leslie Adler, Richard Chang Organizations: U.S, Exxon Mobil Corp, Southern, of, Exxon, Climate Integrity, Natural Resources, Conservation Law Foundation, Exxon Mobil, Reuters, Thomson Locations: of New York, New York, Massachusetts, India, United States

The stock market got a boost from that drop in longer-term yields, but it also felt a drag from rising shorter-term yields. Yields were mixed after a report showed inflation at the wholesale level was stronger last month than economists expected. Still, with the U.S. government racking up big deficits that require more borrowing, and buyers in shorter supply, the pressure has been mostly upward on Treasury yields. In energy trading, a further pullback in crude oil prices is helping to take some heat off inflation and support Wall Street. Oil prices have given back much of their strong gains from earlier this week, triggered by fighting in Gaza.

Persons: Sydney's, Hang Seng, ” Anderson Alves, ActivTrades, Rubeela Farooqi, ”, Gregory Daco, Brent Organizations: TOKYO, Palestinian, Hamas, Nikkei, U.S, Dow Jones, Nasdaq, Federal Reserve, Treasury, “ Fed, EY, Benchmark, New York Mercantile Exchange, Energy, Exxon Mobil, Natural Resources Locations: Israel, Hong, Shanghai, U.S . Federal, Lebanon, Iran, U.S, Gaza

☆ US consumer prices rise on surge in rents; underlying inflation cools
▼ + stars: | 2023-10-12 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gasoline prices rose 2.1% after accelerating 10.6% in August. Year-on-year consumer prices have come down from a peak of 9.1% in June 2022. Reuters GraphicsExcluding the volatile food and energy components, the CPI rose 0.3%, matching August's gain. Still-strong demand in the economy, marked by labor market resilience, suggests borrowing costs could remain elevated for some time. Reuters GraphicsThere is no sign yet that the United Auto Workers (UAW)strike, now in its fourth week, is having a major impact on the labor market.

Persons: Bing Guan, Olu Sonola, Seema Shah, Lucia Mutikani, Paul Simao Organizations: Mobil, REUTERS, Federal Reserve, Labor Department, Higher U.S, Treasury, Fitch, CPI, Reuters, United Auto Workers, UAW, Ford, General Motors, Chrysler, Asset Management, Thomson Locations: Beverly Boulevard, West Hollywood , California, U.S, WASHINGTON, New York

☆ Jim Cramer expects Exxon to benefit from megadeal for Pioneer Natural Resources
▼ + stars: | 2023-10-12 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

Truist Securities on Thursday made a "thoughtful" argument in support of Exxon Mobil 's (XOM) decision to acquire Pioneer Natural Resources (PXD), CNBC's Jim Cramer said. The firm expects Exxon to experience long-term benefits from owning Pioneer, including improved well productivity. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, owns Pioneer — but Cramer intends to sell the entire stake in the coming days. He said he wished Exxon paid a larger premium for Pioneer and will redeploy elsewhere the cash raised from the expected sale.

Persons: CNBC's Jim Cramer, Cramer, Jim Cramer's, Exxon, I'm Organizations: Truist Securities, Exxon Mobil, Natural Resources, Truist, Exxon, Cramer's Charitable Trust, CNBC, Club, Coterra Energy Locations: West Texas, New Mexico, Cramer's, Houston

ExxonMobil and Pioneer Natural Resources logos are seen in this illustration taken, October 6, 2023. After brief informal conversations earlier this year, Exxon approached Pioneer about a deal last month, the sources said. Exxon's shares were hovering near record highs, and it had a cash pile of about $30 billion. Woods had already capitalized on elevated energy prices to streamline Exxon's operations and focus on highly profitable oil and gas production. This allowed Exxon to enter the deal negotiations with its stock coveted by investors as a valuable currency.

Persons: Dado Ruvic, Darren Woods, Scott Sheffield, Woods, Darren, Sheffield, Scott, Sabrina Valle, David French, Anirban Sen, Sonali Paul Organizations: ExxonMobil, Pioneer, REUTERS, HOUSTON, Exxon Mobil Corp's, Natural Resources, Exxon, Sheffield, Thomson Locations: Guyana, Sheffield, Houston, New York

☆ Why Cramer expects mega cap stocks will 'shine' in Thursday trading
▼ + stars: | 2023-10-12 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. "This is one of those days that mega caps are going to shine," Jim Cramer said Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Dow Jones, Jim, Ford, Jim Cramer's Organizations: CNBC, Nasdaq, Labor, Federal Reserve, Treasury, West Texas, Exxon Mobil, Natural Resources, United Auto Workers, Club, Ford, Bank of America Locations: Kentucky

☆ Here are Thursday's biggest analyst calls: Target, First Solar, Ford, Netflix, Amazon, Spotify, Exxon Mobil and more
▼ + stars: | 2023-10-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs reiterates Amazon as buy Goldman Sachs said it's standing by its buy rating ahead of earnings later this month. Citi reiterates Netflix as buy Citi said it's standing by its buy rating on the stock heading into earnings next week. Bank of America reiterates Ford as buy Bank of America said its standing by its buy rating on the stock despite the strike at Ford's largest truck plant. Bank of America upgrades Target to buy from neutral Bank of America said it sees an attractive risk/reward for Target shares. " RBC downgrades ResMed to sector perform from outperform RBC said in its downgrade of ResMed that it sees slowing earnings growth.

Persons: Warby Parker, BTIG, Goldman Sachs, Morgan Stanley, it's, JPMorgan, Bernstein, underperform Bernstein, CLX, Ford, Wells, Wells Fargo, Truist, it's bullish, D.A, Davidson Organizations: Citi, Netflix, 4Q23, Barclays, Spotify, Taiwan Semiconductor, JPMorgan, RBC, BMO, Bank of America, Ford's, UAW, Detroit, underperform Bank of America, 3Q, Microsoft, " Bank of America, of America, Exxon Mobil, Exxon, Pioneer, Seaport, Mizuho Locations: 2H24

☆ US Senator Warren concerned Exxon's plan to buy Pioneer will raise costs
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren, a Democrat on the Senate Banking panel, said on Wednesday she was concerned that Exxon Mobil's (XOM.N) agreement to buy U.S. rival Pioneer Natural Resources (PXD.N) would raise costs and should be probed by regulators. "Oil company profiteering hits American consumers right in the wallet — and I’m concerned that Exxon’s massive acquisition will reduce competition and drive up costs. Regulators should closely scrutinize this big oil merger," Warren said. The deal, valued at $59.5 billion, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest oil producer in little more than a decade. Reporting by Diane Bartz; writing by Susan Heavey and Costas Pitas; Editing by Caitlin WebberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sen, Elizabeth Warren, Rohit Chopra, Exxon Mobil's, Warren, Diane Bartz, Susan Heavey, Costas Pitas, Caitlin Webber Organizations: . Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs, Consumer, Democrat, Exxon, Natural Resources, Oil, Thomson Locations: Washington , U.S, WASHINGTON, U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. U.S. producer prices increased more than expected in September amid higher costs for energy products, but underlying inflation pressures at the factory gate continued to moderate. Yield on the benchmark 10-year notes fell to a roughly two-week low as prices rose on safe-haven flows due to fighting in the Middle East that has persisted for a fifth straight day. Advancing issues outnumbered decliners for a 1.51-to-1 ratio on the NYSE, while declining issues outnumbered advancers for a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and seven new lows, while the Nasdaq recorded 38 new highs and 124 new lows.

Persons: Brendan McDermid, Fed's Bowman, Raphael Olszyna, J Safra, Michelle Bowman, Christopher Waller, Birkenstock, Tim Wentworth, Drugmaker Eli Lilly, LLY.N, Novo, decliners, advancers, Shashwat Chauhan, Ankika Biswas, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, Fed's Bowman Exxon, Nasdaq, Treasury, Federal, Apple, Microsoft, Nvidia, Fed, Energy, Exxon Mobil, Natural Resources, Dow Jones, Walgreens Boots Alliance, Novo Nordisk's, Baxter International, NYSE, Thomson Locations: New York City, U.S, Middle East, Israel, Gaza, Bengaluru

☆ Oil falls after Saudi pledge; investors keep wary eye on Israel
▼ + stars: | 2023-10-11 | by ( Nicole Jao | ) www.reuters.com time to read: +4 min

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Prices settled slightly lower on Tuesday after Saudi Arabia said it was working with regional and international partners to prevent an escalation, and reaffirmed its efforts to stabilise oil markets. Moreover, in the higher rates environment moving forward that “could put the brakes on the upside as far as crude oil,” Yawger said. Russia and Saudi Arabia met in Moscow on Wednesday, when Russian president Vladimir Putin said that OPEC+ coordination will continue "for the predictability of the oil market." Global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, the U.S. EIA said in an outlook.

Persons: Agustin Marcarian, Brent, WTI, …, ”, Bob Yawger, ” Yawger, Tamas Varga, Magid Shenouda, Vladimir Putin, Putin, Janet Yellen, Nicole Jao, Robert Harvey, Laura Sanicola, Muyu Xu, Sharon Singleton, John Stonestreet Organizations: REUTERS, Saudi, . Federal Reserve, . West Texas, . Energy Information Administration, Mizuho, Exxon Mobil, Natural Resources, Organization of, Petroleum, U.S, U.S . Federal, Treasury, EIA, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Gaza, Moscow, Brent, Israel, Palestinian, Russia, OPEC, U.S ., U.S, Europe, New York

The deal, valued at $253 a share, would be Exxon's biggest since its $81 billion purchase of Mobil Oil in 1998, years before the shale boom began. It combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the country into the world's largest oil producer in little more than a decade. Pioneer is the Permian's largest operator accounting for 9% of gross production, while Exxon occupies the No. "The combination of ExxonMobil and Pioneer creates a diversified energy company with the largest footprint of high-return wells in the Permian Basin," said Pioneer CEO Scott Sheffield. Under Sheffield, Pioneer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Darren Woods, ” Woods, Scott Sheffield, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed, Sriraj Organizations: Exxon Mobil, Natural Resources, Mobil Oil, Exxon, Reuters, Pioneer, RBC Capital Markets, ExxonMobil, DoublePoint Energy, Parsley Energy, BG Group, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Sheffield, Bengaluru, New York, Houston

ExxonMobil and Pioneer Natural Resources logos are seen in this illustration taken, October 8, 2023. Pioneer shares closed at $237.41 on Tuesday, having risen 11% since the first reports of a deal surfaced last Thursday. Exxon declined to comment on "market speculation," while Pioneer did not immediately respond to a request for comment. It is the third-largest oil producer in the Permian basin, after Chevron Corp (CVX.N) and ConocoPhillips (COP.N), with rock-bottom production costs averaging about $10.50 per barrel of oil and gas. Under CEO Scott Sheffield, the oil producer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.

Persons: Dado Ruvic, Darren Woods, Scott Sheffield, Exxon's, Shubhendu, Anirban Sen, Sabrina Valle, Gary McWilliams, Rashmi Aich, Jamie Freed Organizations: ExxonMobil, Pioneer, REUTERS, Exxon Mobil, Natural Resources, Exxon, Mobil Oil, Antitrust, Reuters, Exxon socked, Chevron Corp, ConocoPhillips, DoublePoint Energy, Parsley Energy, BG Group, Bloomberg News, Denbury Inc, Denbury, Shubhendu Deshmukh, Thomson Locations: HOUSTON, Ukraine, U.S, Bengaluru, New York, Houston

☆ Exxon in talks to pay over $250 per share for Pioneer - Bloomberg News
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 10 (Reuters) - Top U.S. oil producer Exxon Mobil (XOM.N) is in talks to pay more than $250 per share for Pioneer Natural Resources Co (PXD.N), Bloomberg News reported on Tuesday. An all-stock deal could be announced as soon as Wednesday, the report said, citing people familiar with the matter. Reporting by Shubhendu Deshmukh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Shubhendu Deshmukh Organizations: U.S, Exxon Mobil, Natural Resources, Bloomberg, Thomson Locations: Bengaluru

☆ Why we're unloading our Pioneer stake before the deal with Exxon Mobil closes
▼ + stars: | 2023-10-11 | by ( Zev Fima | ) www.cnbc.com time to read: +3 min

Today's question: Why would we not stay in Pioneer [until a deal with Exxon closes] to receive $253 per share? First, the official announcement on Wednesday from Exxon Mobil (XOM) that it is acquiring Pioneer Natural Resources (PXD) specifies this will be an all-stock deal. In this case, the deal is that Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing. Rather, it's 2.3234 times the current price of Exxon shares. Pioneer shares are now subject to the trading action in ExxonMobil.

Persons: Jim Cramer, Duke, Jeff Marks, we're, Jim Cramer's, Jim, Bridgett Bennett Organizations: Exxon, Exxon Mobil, Natural Resources, ExxonMobil, Street Journal, Pioneer, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: Las Vegas

☆ Real assets and labor are winners of the next 10 years, says Smead Value Fund's Bill Smead
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReal assets and labor are winners of the next 10 years, says Smead Value Fund's Bill SmeadBill Smead, Smead Value Fund portfolio manager, joins 'Power Lunch' to discuss Exxon Mobil's Pioneer deal, his energy and real estate holdings, and more.

Persons: Smead Bill Smead Organizations: Exxon Mobil's Pioneer

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion. Exxon Mobil Corp. has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-stock deal valued at $4.9 billion. In 2020 the company said it was buying Parsley Energy in an all-stock deal valued at approximately $4.5 billion.

Persons: Darren Woods, Scott Sheffield, Citi's Alastair Syme, Syme Organizations: Exxon Mobil, Natural Resources, Mobil, Exxon, XTO Energy, U.S . Energy Information Administration, Midland Basin, ExxonMobil, Pioneer, “, Exxon Mobil Corp, Parsley Energy, DoublePoint Energy Locations: West Texas, Texas, New Mexico, Delaware, Midland, U.S

☆ Exxon Mobil CEO Darren Woods on Pioneer deal: Brings higher recovery at lower costs
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon Mobil CEO Darren Woods on Pioneer deal: Brings higher recovery at lower costsPioneer Natural Resources CEO Scott Sheffield and Exxon Mobil CEO Darren Woods join 'Squawk Box' to discuss Exxon Mobil's deal to acquire Pioneer Natural Resources, an all-stock merger valued at $59.5 billion or $253 a share, how the deal came about, potential regulatory hurdles, and more.

Persons: Darren Woods, Scott Sheffield Organizations: Exxon Mobil, Natural Resources, Exxon

Centerview Partners also advised Exxon, while Morgan Stanley and Bank of America secured advisory roles with Pioneer. A transaction of this size typically results in tens of millions of dollars worth of fees for advisory firms. The chairman of the firm, Tom Petrie, was a co-founder of Petrie Parkman and served a vice chairman at Bank of America before the current Petrie was created. Three of those - Andrew Rapp and Mike Bock in Denver, as well as Jon Hughes in Houston - have been with the firm since its days as Petrie Parkman. Reporting by Anirban Sen and David French in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, Goldman Sachs, Morgan Stanley, Centerview, LSEG, Petrie Parkman, Merrill Lynch, Tom Petrie, Petrie, Andrew Rapp, Mike Bock, Jon Hughes, Anirban Sen, David French, Nick Zieminski Organizations: Exxon, New York Stock Exchange, REUTERS, Petrie Partners, Natural Resources, Exxon Mobil, Goldman, Citigroup Inc, Pioneer, Centerview Partners, Bank of America, Seagen Inc, Pfizer Inc, Guggenheim Securities, Co, U.S . Department of Energy, Thomson, & $ Locations: New York, Dealogic . Denver, Bank, Saudi Arabia, Alaska, Denver, Houston ., Houston

☆ Watch CNBC's full interview with Pioneer Natural Resources CEO Scott Sheffield and Exxon Mobil CEO Darren Woods
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Pioneer Natural Resources CEO Scott Sheffield and Exxon Mobil CEO Darren WoodsPioneer Natural Resources CEO Scott Sheffield and Exxon Mobil CEO Darren Woods join 'Squawk Box' to discuss Exxon Mobil's deal to acquire Pioneer Natural Resources, an all-stock merger valued at $59.5 billion or $253 a share, how the deal came about, potential regulatory hurdles, and more.

Persons: Scott Sheffield, Darren Woods Organizations: Natural Resources, Exxon Mobil, Exxon

☆ Morning Bid: Fed's dovish shift welcomed; inflation's next
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Futures pricing suggests traders now see about a 30% chance of another rate hike this year, down from about 45% a week ago. Ahead on Wednesday, the European Central Bank's inflation survey and U.S. producer price data will lead in to U.S. inflation data on Thursday. The S&P 500's retreat on Tuesday from the day's high, closing only 0.5% firmer, also suggests nervousness. Later in the week U.S. corporate earnings season hits full swing, with bank profits set to rise. Overnight markets welcomed Pepsi (PEP.O) promising to keep on lifting prices, which is a good sign for demand but perhaps a warning sign for inflation.

Persons: Jonathan Ernst, Westbrook Stocks, Raphael Bostic, Fed's Bowman, Waller, Collins, Tom Westbrook, Edmund Klamann Organizations: . Federal, REUTERS, Bankers, Atlanta Fed, Pepsi, Exxon Mobil, U.S, Natural Resources, Reuters, Bank, PPI, Thomson Locations: Washington, Nashville, Asia, Finland, Estonia, Marrakech, Morocco, Bostic

☆ What's behind Exxon's mega-merger and the stocks that could be next
▼ + stars: | 2023-10-11 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

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

Dealmaking in the U.S. oil and gas patch has picked up pace as producers sought to replenish their inventory after years of under-investment. The most-prized targets for Chevron could be Coterra Energy (CTRA.N) or Devon Energy (DVN.N), he added. Others mentioned included Matador Resources (MTDR.N), Permian Resources (PR.N) and Diamondback Energy (FANG.O). Still, the Exxon deal, the industry's largest since 2016, also set off worries about stiff regulatory scrutiny over anti-competitive concerns. Exxon does not anticipate antitrust hurdles to complete the deal, expected by early 2024.

Persons: Exxon Mobil's, Gabriele Sorbara, Siebert Williams Shank, Sorbara, Dado Ruvic, Andrew Dittmar, Elizabeth Warren, Sven Del Pozzo, Mrinalika Roy, Chris Sanders, Sriraj Organizations: Exxon, Natural Resources, Co, Chevron, ConocoPhillips, ExxonMobil, Pioneer, REUTERS, Devon Energy, Matador Resources, Diamondback Energy, U.S, P, Insights, Thomson Locations: U.S, Bengaluru, Washington

☆ Exxon-Pioneer mega deal adds to Permian M&A frenzy amid rush to boost reserves
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - Permian Basin dealmaking has got a major boost with Exxon Mobil (XOM.N) set to buy rival Pioneer Natural Resources (PXD.N) for nearly $60 billion, which will make it the biggest producer in the largest U.S. oilfield. Permian is a prime target for producers looking to increase their inventory. The shale patch, which lies between Texas and New Mexico, has robust infrastructure and is known for high productivity and large undeveloped reserves. Below is a list of Permian deals so far this year:Reporting by Mrinalika Roy, Tanay Dhumal and Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila, Shinjini Ganguli and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mrinalika Roy, Tanay, Sourasis Bose, Sriraj Kalluvila, Shinjini Ganguli, Vinay Dwivedi Organizations: Exxon Mobil, Natural Resources, Thomson Locations: Texas, New Mexico, Bengaluru

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