Exxon Mobil Corp. XOM, -1.66% has held informal talks with Pioneer Natural Resources Co. PXD, -1.06% about a possible acquisition, The Wall Street Journal reported Friday, citing people familiar with the matter.
Exxon has been exploring options to put its cash to use and its executives have discussed a potential tie-up with at least one other company, although it sees Pioneer as a top target, according to the report. A deal, if it happens, likely won’t come until later this year or next year, the report said. Shares of Exxon ended Thursday down 1.7%, while Pioneer shares closed down 1%. Equity markets are closed Friday in observance of Good Friday.