baona/E+ via Getty Images
Pioneer Natural Resources (New York Stock Exchange:PXD) said it is not contemplating an acquisition after an earlier report that it was considering buying shale gas producer Range Resources (New York Stock Exchange:RRC). range resources fell 5.5% in after-hours trading, while PXD rose 1.3%.
Pioneer Natural (PXD) said it “is not contemplating a significant business combination or other acquisition transaction,” the company said in a statement Friday afternoon.
Range Resources (RRC) jumped 12% in regular trading on Friday after a Bloomberg report on a potential Pioneer Natural (PXD), though the article said deliberations were ongoing, but there was no certainty the companies would reach a deal. PXD fell 4.1% Friday in regular trade.
Buying Range Resources (RRC) would bring Pioneer Natural (PXD) into the Marcellus basin in southwestern Appalachia, where the key resource is gas, not oil, the report noted.
Pioneer (PXD) CEO Scott Sheffield has a reputation for doing business, with acquisitions of Parsley Energy and DoublePoint Energy since 2020.
Range Resources (RRC) is scheduled to report fourth quarter results on Tuesday.