Pioneer Natural Resources (NYSE:PXD) stock is on the rise Friday as reports spread that Exxon Mobil (NYSE:XOM) is closing in on an acquisition deal.
According to insiders close to the matter, Exxon Mobile wants to acquire Pioneer Natural Resources to beef up its shale oil production. That could see it offering up to a massive $60 billion for the company.
Insiders claim that the deal between the two companies is currently in advanced talks. While that means an official announcement could be released in the coming days, they also warn that negotiations could still fall apart. And, of course, neither company is willing to discuss the reports of the deal.
If Exxon Mobil does move forward with its purchase of Pioneer Natural Resources, it would mark its largest purchase in years. It would also likely be the biggest deal the market will see in 2023, reports Bloomberg.
How This Affects PXD Stock
With reports of the potential deal between Pioneer Natural Resources and Exxon Mobil swirling, shares of PXD stock are getting extra attention on Friday. As a result, shares are up 10% on Friday morning. That comes as some 600,000 shares change hands, as compared to a daily average of 1.7 million shares.
Investors who are looking for even more of the most recent stock market stories are going to want to stick around!
We have all of the biggest stock market news that traders need to know about on Friday! Among that is Lucid Group (NASDAQ:LCID) stock dropping on reports of major losses per car, as well as why shares of Near Intelligence (NASDAQ:NIR) stock and Omniq (NASDAQ:OMQS) stock are falling on Friday. You can catch up on these matters at the links below!
More Friday Stock Market News
- LCID Stock: Lucid Motors Loses $338,000 Per Car
- Why Is Near Intelligence (NIR) Stock Down 20% Today?
- Why Is Omniq (OMQS) Stock Down 43% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
