Rumor pxd buying range
Re: Rumor pxd buying range
Feb 24 (Reuters) - Oil and gas explorer Pioneer Natural Resources Co is considering an acquisition of smaller U.S. rival Range Resources Corp, Bloomberg News reported on Friday, citing people familiar with the matter.
Deliberations are ongoing and there's no certainty the companies will reach an agreement, the report said, adding Texas-based Pioneer seeks further consolidation in the shale industry with the deal.
Range Resources and Pioneer did not immediately respond to a Reuters request for comment.
Meanwhile, several energy firms are pulling back on drilling and completing wells this year as natural gas prices have crashed to a quarter of what they were last summer.
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MY TAKE: Although I think RRC is a "Screaming Buy" at the current share price, PXD is a pure play on the Permian Basin. If they do this deal it is because PXD is bullish in U.S. natural gas.
Deliberations are ongoing and there's no certainty the companies will reach an agreement, the report said, adding Texas-based Pioneer seeks further consolidation in the shale industry with the deal.
Range Resources and Pioneer did not immediately respond to a Reuters request for comment.
Meanwhile, several energy firms are pulling back on drilling and completing wells this year as natural gas prices have crashed to a quarter of what they were last summer.
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MY TAKE: Although I think RRC is a "Screaming Buy" at the current share price, PXD is a pure play on the Permian Basin. If they do this deal it is because PXD is bullish in U.S. natural gas.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Rumor pxd buying range
News of the talks with Range may explain the spike down in PXD share price this afternoon. It may also be a factor in my gassers being up today.
Range resources up 11% today.
Farrell
Range resources up 11% today.
Farrell
PXD denies rumors
RRC down after hours after PXD denied rumors
Someone needed the calls to go up on option expiration Friday. Sec should investigate.
Yes, it helped all gassers
Someone needed the calls to go up on option expiration Friday. Sec should investigate.
Yes, it helped all gassers