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Senior management at Pioneer Natural Resources will likely be out of a job once the company's $60 billion sale to Exxon Mobil is completed, but the top brass will walk away with bumper payouts which...
By David French NEW YORK (Reuters) - Senior management at Pioneer Natural Resources will likely be out of a job once the company's $60 billion sale to...
HOUSTON (Reuters) -Exxon Mobil's investors now prefer the company use its share price and financial might to acquire existing oil and gas production rather than spend on drilling that could take years to pay off. In the last four years energy investors have dumped stocks in oil companies that boost capital spending, favoring higher returns over spending on costly, long-term new projects. Its talks to acquire Pioneer Natural Resources, the No. 2 Permian shale oil producer, for $60 billion, signals it is ready to pay up for production after missing its own output targets in the Permian.
HOUSTON (Reuters) -Exxon Mobil's investors now prefer the company use its share price and financial might to acquire existing oil and gas production rather than spend on drilling that could take years to pay off. In the last four years energy investors have dumped stocks in oil companies that boost capital spending, favoring higher returns over spending on costly, long-term new projects. Its talks to acquire Pioneer Natural Resources, the No. 2 Permian shale oil producer, for $60 billion, signals it is ready to pay up for production after missing its own output targets in the Permian.
Exxon Mobil's investors now prefer the company use its share price and financial might to acquire existing oil and gas production rather than spend on drilling that could take years to pay off. In the...