Exxon in talks to pay over $250 per share for Pioneer

Top U.S. oil producer Exxon Mobil is in talks to pay more than $250 per share for Pioneer Natural Resources Co, according to a person familiar with the matter. An all-stock deal could be announced as soon as Wednesday, the person said.

Top U.S. oil producer Exxon Mobil is in talks to pay more than $250 per share for Pioneer Natural Resources Co, according to a person familiar with the matter.

An all-stock deal could be announced as soon as Wednesday, the person said. Bloomberg News reported about the deal earlier. Pioneer and Exxon did not immediately respond to a Reuters request for comment.

Pioneer, which closed at $237.41 on Tuesday at a market valuation of about $55.35 billion, is the third-largest oil producer in the Permian basin after Chevron Corp and ConocoPhillips.