Exxon Mobil Reportedly Eyeing Pioneer Natural Resources Acquisition

Shale producers, including Pioneer Natural Resources, Diamondback Energy, and Devon Energy, saw their shares rise as traders speculated they could be potential takeover targets for Big Oil companies looking to expand after Exxon Mobil's reported interest in Pioneer. Buying Pioneer would make Exxon the largest producer in the Permian Basin and provide more than a decade-long runway of lucrative locations to drill wells. Analysts expect the rest of 2023 to be a busy time for oil deals, with Chevron and other firms also on the hunt to boost inventory.