ExxonMobil is in advanced talks over the acquisition of Pioneer Natural Resources for up to $60 billion, according to reports Wall Street Journal.
The pre-market trading value of Pioneer was up 11.70% to $240.22. Exxon shares dropped 1.7% in the pre-market on Friday.
News on the deal first appeared in Wall Street Journal on Thursday, when the paper reported on the high likelihood of the deal being done in the coming days.
Pioneer Natural Resources is the third biggest oil producer in the Permian Basin and the tie-up would create an oil behemoth controlling substantial oil production in the region.
The deal is to be the biggest one since the 1991 purchase of Exxon for $81 billion. Exxon is the top U.S. oil producer and its market value was $436 billion at the time of writing.
