Shares of Pioneer Natural Resources Co.
PXD,
powered up 6.4% toward an eight-week high, to pace the S&P 500’s
SPX,
premarket gainers, after the Wall Street Journal reported that the fracking company has held preliminary talks with Exxon Mobil Corp.
XOM,
over a possible acquisition. Exxon’s stock fell 0.9% while futures
ES00,
for the S&P 500
SPX,
shed 0.5%. ahead of Monday’s open. Citing people familiar with the matter, the WSJ report published Friday said the discussions have been informal, but with Exxon flush with cash after recording record profits in 2022, the oil giant has been exploring options. Pioneer Natural’s stock has lost 8.9% year to date through Thursday, while Exxon shares have tacked on 4.3% and the S&P 500 has gained 6.9%.
Read the full article here