Exxon is reportedly looking to buy Permian producer Pioneer Natural Resources for around $60 billion.
The Wall Street Journal, which first reported in Exxon's interest in Pioneer earlier this year, said late Thursday that the oil and energy giant could unveil a formal takeover in the coming days that would value the Irving, Texas-based group at around $60 billion, a 20 premium to its Thursday closing share price.
It would also give Exxon a secure the industry's largest stake in the Permian Basin, an oil and gas-rich expanse of land that runs through west Texas and New Mexico and is largely seen as a cheaper, more reliable area for drilling than in other parts of the world.
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