Range Resources higher, Pioneer Natural lower after report on possible tie-up

Shares of two energy names are moving in opposite directions this afternoon after Bloomberg reported that Pioneer Natural Resources (PXD) is considering an acquisition of Range Resources (RRC), citing people familiar with the matter. Pioneer Natural is seeking further consolidation in the shale industry, sources told Bloomberg’s Ed Hammond and Dinesh Nair. Deliberations are ongoing and there’s no certainty the companies will reach an agreement, the peopled added. Shares of Range Resources are up $3.08, or 12%, to $28.34 in Friday afternoon trading following the report, while Pioneer Natural has fallen $10.40, or 5%, to $194.66. Reference Link