Exxon (NYSE:XOM), the energy giant previously merged with Mobile, is currently in negotiations to acquire Pioneer Natural Resources (NYSE:PXD) for a reported $60 billion, as part of its ongoing expansion efforts. The news comes amid recent volatility in Pioneer’s shares (NYSE:PXD), which have experienced significant jumps and plunges.

The acquisition talks, which have been ongoing since April 2023, are driven by Exxon’s CEO Darren Woods’ interest in technologies that enhance recovery volumes. The move aligns with Exxon’s strategic direction, which has seen it make key acquisitions in recent times.

Notably, Exxon’s acquisition strategy includes the no-premium purchase of Denbury Resources (NYSE:DEN). This move was aimed at securing dominance in the carbon dioxide pipeline sector, further cementing Exxon’s position in the energy industry.

Pioneer Natural Resources, valued at approximately $50 billion, represents a significant addition to Exxon’s portfolio. The potential deal underscores Exxon’s commitment to growth through strategic acquisitions and technological advancements.