By Colin Kellaher

Shares of Pioneer Natural Resources edged higher in premarket trading Wednesday after the shale driller sealed a deal to be acquired by energy giant Exxon Mobil in a stock swap worth more than $60 billion.

Exxon said it will issue 2.3234 shares, worth $256.62 based on Tuesday's closing price of $110.45, for each share of Pioneer.

That represents a premium of 8% to Pioneer's Tuesday closing price of $237.41 and 19% to the Irving, Texas, company's closing price of $214.96, before The Wall Street Journal reported that the companies were closing in on a deal.

The transaction is slated to close in the first half of 2024.

Pioneer shares were recently up 1.9% at $242 in premarket trading, while shares of Exxon have slipped 1.7% to $108.55.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 11, 2023 07:11 ET (11:11 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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