Pioneer Natural Resources considers purchasing Range Resources Corp.
Wednesday, March 1, 2023
According to Bloomberg sources, Pioneer Natural Resources is considering acquiring Range Resources Corp., which would bring it into the Marcellus Shale in the Appalachian Basin.
Pioneer is weighing the deal and deliberations are ongoing with no certainty the companies will reach an agreement, according to Bloomberg sources.
Pioneer shares fell as much as 7%, while Range shares rose as much as 18% on the news.
Acquiring Range would bring Pioneer into the Marcellus Shale where the key resource is natural gas. The company already produces natural gas, however, only as a byproduct of its oil wells in the Permian Basin.
Learn more: World Oil > Pioneer Natural Resources considers buying smaller shale rival in Marcellus Basin
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