‘Reasonable’ price for premium acreage in the Permian
Exxon Mobil Corp.’s all-stock bid for Pioneer Natural Resources Co. makes the integrated oil giant’s North America holdings even more attractive for a relatively modest price, several Wall Street analysts said Tuesday after the deal was announced.
The combination of the two companies would create a Permian player to rival Chevron Corp. CVX, -2.87% and Occidental Petroleum Corp. OXY, -1.16%, the other heavyweights in the basin in terms of production and acreage. Exxon agreed to buy Pioneer in a $59.5 billion deal that values Pioneer at an implied $253 a share, an upside of around 18%.
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