Exxon Mobil: Eyes on the Permian Prize

Texas-based oil major Exxon Mobil was once known for exploring for oil in all sorts of exotic places, but right now its own backyard is looking like the best option.

The oil major has reportedly held preliminary talks with U.S. producer Pioneer Natural Resources about a possible acquisition, according to a Wall Street Journal report Friday. An acquisition of Pioneer, which has a market capitalization of about $49 billion, would be Exxon’s largest deal since its merger with Mobil in 1999. It is clear that Exxon is itching to put its cash to some use: The company is also said to have approached Denbury, an oil producer with an extensive carbon-dioxide-gathering infrastructure, according to a Bloomberg report late last year.