If a deal is reached, it would position Irving-based Pioneer in a second major U.S. shale basin.
At 6:41 p.m. Friday, Feb. 24, Pioneer Natural Resources Co. issued a statement saying the company is "not contemplating a significant business combination or other acquisition transaction."
Irving-based Pioneer Natural Resources Co. is considering an acquisition of Fort Worth-based Range Resources Corp., according to people familiar with the matter., the people said, asking not to be identified discussing confidential information.Deliberations are ongoing and there’s no certainty the companies will reach an agreement, the people said. A representative for Pioneer declined to comment while Range couldn’t immediately be reached for comment.
Pioneer just closed out 2022 with a 55% spike in revenue, soaring from $15.7 billion in 2021 to $24.3 billion last yearRange hasn’t yet reported year-end results. However, through Sept. 30, its 2022 revenue was running 84% ahead of the same period in 2021. Range ended 2021 with over $2.9 billion in revenue and about $411 million in profit.
Pioneer shares fell Friday as much as 7% on the news while Range rose as much as 18%, giving the company a market value of $6.8 billion. As of Friday, shares in Pioneer have fallen 11% in New York over the last 12 months, valuing it at about $47 billion. Range’s stock is up 12% over the period.Buying Range would bring Pioneer into the Marcellus Basin in southwest Appalachia, where the key resource is gas, not oil. Pioneer already produces gas in the Permian, but only as a byproduct from its oil wells.
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