Shale Firms Jump on Report of Exxon’s Interest in Pioneer
- S&P 500 Energy Index rose as much as 1.8% as M&A heats up
- Diamondback, Devon among firms that could be targets: Truist
Photographer: Andrey Rudakov/Bloomberg
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Shale producers are surging Monday as traders bet they could be potential takeover targets for Big Oil companies looking to expand after Exxon Mobil Corp.’s reported interest in Pioneer Natural Resources Corp.
Pioneer shares jumped 5.8%, its biggest gain since October, on a report of Exxon’s preliminary takeover talks, leading shale oil peers higher as the S&P 500 Energy Index gained 0.7% Monday. Oil and gas producer Diamondback Energy Inc. rose 1.9%, while Devon Energy Corp. advanced 0.9%.