Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil and gas industry while pushing Exxon deeper into West Texas shale.
Exxon executives have discussed a potential tie-up with at least one other company, people familiar with the matter said. Some of the people cautioned there is no formal process between Exxon and Pioneer.
Any deal, if it happens, likely wouldn’t come together until later this year or next year, the people said, and talks may not morph into formal negotiations at all or Exxon may pursue another company. But they said Exxon is on the hunt for a seismic deal to put its windfall profits to use and sees Dallas area-based Pioneer as a top target.Exxon Mobil Studies Potential Mega-Deal With Shale Drilling Pioneer – WSJ