S&P places Pioneer on positive watch

S&P said it placed its BBB ratings for Pioneer Natural Resources Co. on CreditWatch with positive implications.

On Wednesday, Pioneer and higher-rated Exxon Mobile Corp. jointly announced that Exxon Mobil agreed to buy Pioneer in an all-stock deal valued at $64.5 billion, including net debt.

“The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions and regulatory approvals. We expect to resolve the CreditWatch placement when the acquisition closes, which we expect will occur in the first half of 2024,” S&P said in a press release.

The agency said it expects to hike Pioneer’s ratings to equalize them with Exxon Mobil’s ratings.

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