The Rising Influence of Rising Affluence

[DewDiligence]

PXD +11% on (new) XOM-buyout story:

https://www.wsj.com/business/deals/exxon-mobil-closing-in-on-megadeal-with-shale-driller-pioneer-31b4092e

Exxon Mobil is closing in on a deal to buy Pioneer Natural Resources, a blockbuster takeover that could be worth roughly $60 billion and reshape the U.S. oil industry. A deal could be sealed as soon as in the coming days, though it is still possible there won’t be one, people familiar with the matter said.

After posting a record profit in 2022, Exxon has been flush with cash and exploring options that would push it deeper into West Texas shale.

An acquisition of Pioneer, with a market cap of around $50 billion, would likely be Exxon’s largest deal since its megamerger with Mobil in 1999.

… The Wall Street Journal reported in April that the two companies were holding preliminary talks.