Pioneer Natural Resources says not contemplating an acquisition

Pioneer Natural Resources (NYSE:PXD) said it's not contemplating an acquisition after an earlier report that it was considering a purchase of shale gas producer Range Resources (NYSE:RRC). Range Resources fell 5.5% in after hours trading, while PXD rose 1.3%.

Pioneer Natural (PXD) said it's "not contemplating a significant business combination or other acquisition transaction," the company said in a statement late Friday.

Range Resources (RRC) jumped 12% in regular trading on Friday after a Bloomberg report about a potential Pioneer Natural (PXD), though the item said deliberations were ongoing, but there was no certainty the companies would reach an agreement. PXD fell 4.1% on Friday in regular trading.

Buying Range Resources (RRC) would bring Pioneer Natural (PXD) into the Marcellus Basin in southwest Appalachia, where the key resource is gas, not oil, the report noted.

Pioneer (PXD) CEO Scott Sheffield has a reputation for dealmaking, with acquisitions of Parsley Energy and DoublePoint Energy since 2020.

Range Resources (RRC) is scheduled to report Q4 results on Tuesday.