Exxon Mobil Corp is set to pay Pioneer more than $250 a share

Pioneer Natural Resources Co. is set to be acquired by Exxon Mobil Corp. in a $58 billion deal. Exxon is in talks to pay more than $250 per share for the shale producers.

Exxon Mobil Corp. is nearing a $58 billion deal to acquire Pioneer Natural Resources Co., supporting a wager that oil and gas will continue to play a significant role in the global energy mix for decades regardless of the direction that countries take in the transition to a lower-carbon future.

According to a person familiar with the situation, Exxon is in talks to pay more than $250 per share for the Irving, Texas-based shale producers. According to sources familiar, an all-stock transaction might be announced as soon as this Wednesday.

As reported, no definitive agreement has been reached, and the parameters may change or the negotiations may still go nowhere. Exxon and Pioneer representatives declined to respond.

In the event that an agreement is reached, Pioneer's closing price of $214.96 on Thursday would represent a 16% premium to an agreement at $250 per share. Based on the number of outstanding shares, that would put Pioneer's valuation at least at $58 billion, according to information gathered by Bloomberg.

The acquisition would be Exxon's largest since the company's 1999 merger with Mobil Corp., making it the largest corporate takeover to be disclosed globally this year. Exxon, which has endured wars, nationalization, and public uproar throughout its 140-year history, has a solid track record of making significant strategic bets that have the ability to influence the future of the global energy system.