Exxon's Potential Acquisition of Pioneer Natural Resources Boosts Shale Stocks.
American shale producers' shares rose after reports that Exxon was in informal talks for the potential acquisition of Pioneer Natural Resources, whose stock jumped 8.5% on the day. The market is viewing Exxon’s purchase as the potential start of an M&A spree, with Big Oil flush with cash and Permian asset holders looking attractive. Chevron is also potentially on the lookout for Permian assets this year.