Exxon Nears $58 Billion Deal to Buy Pioneer in Big Oil Bet (2)

Exxon Mobil Corp. is close to a $58 billion deal to buy Pioneer Natural Resources Co., underpinning a bet that oil and gas will remain central to the world’s energy mix for decades no matter what path nations take toward a lower-carbon future.

Exxon is in talks to pay more than $250 a share for the Irving, Texas-based shale producer, according to a person familiar with the matter. An all-stock deal could be announced as soon as Wednesday, said people familiar with the matter, who asked to not be identified because it isn’t public.

A final agreement hasn’t been ...