Recently, citing sources familiar with the matter, the oil giant ExxonMobil has conducted preliminary negotiations with the latter on the possible acquisition of Pioneer Resources. The report said the talks were informal, with no formal process, and any possible agreement would be reached later this year or next year.
In addition, Exxon Mobil has discussed potential cooperation with at least one other company, and Exxon Mobil is looking for a blockbuster deal in the shale oil field.
Sitting flush with cash after reporting record profit last year, Exxon is looking to leverage its huge profits to strike major deals, people familiar with the matter said. Pioneer resources were seen as the primary target. Exxon has been examining options that could change the face of the U.S. oil and gas industry, while expanding deeper into shale in the Permian Basin of U.S. West Texas.
Based on the estimated market value of Pioneer Resources at about US$49 billion, if Exxon Mobil reaches an acquisition agreement, it will be the largest merger and acquisition transaction in the company's history since the merger of Exxon and Mobil in 1999, and it is also a giant in the US oil industry in recent years. The Mac deal would surpass Exxon Mobil's 2010 purchase of XTO Energy for more than $30 billion and Occidental Petroleum's purchase of Andarko Petroleum for about $38 billion.
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