Exxon's Potential Mega-Merger with Pioneer Sends Shares Soaring

Shares of Pioneer Natural Resources surged nearly 11% after news broke that Exxon Mobil was in advanced talks to acquire the shale producer in a deal valued at $60 billion. If successful, the deal would be Exxon's largest acquisition since 1998 and would make the company one of the leading producers in the lucrative Permian basin. While the premium offered to Pioneer is in line with other mergers in the sector, some analysts believe it may be slightly low given Pioneer's unique scale and quality of inventory. The negotiations could face political and regulatory scrutiny, but industry experts see this potential deal as the beginning of a massive consolidation in the oil and gas industry.