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Jim Cramer expects Exxon to benefit from megadeal for Pioneer Natural Resources

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Truist Securities on Thursday made a "thoughtful" argument in support of Exxon Mobil's (XOM) decision to acquire Pioneer Natural Resources (PXD), CNBC's Jim Cramer said.

The analysts at Truist upgraded their rating on Exxon's stock to buy from hold and boosted their price target to $131 per share from $110. The firm expects Exxon to experience long-term benefits from owning Pioneer, including improved well productivity.

"This is a very thoughtful piece, which really, I think, would be ammo against" a potential challenge from U.S. antitrust regulators, Cramer said Thursday on "Squawk on the Street."

Exxon's all-stock deal announced Wednesday values Pioneer at nearly $60 billion. The tie-up, which is expected to close in the first half of next year, would make Exxon the largest producer in the Permian Basin, an oil-rich region in West Texas and New Mexico.

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Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, owns Pioneer — but Cramer intends to sell the entire stake in the coming days. He said he wished Exxon paid a larger premium for Pioneer and will redeploy elsewhere the cash raised from the expected sale.

"I'm not saying I was against [the acquisition]," Cramer explained Thursday. "I was hoping for more. But if you like Exxon, if you like the combination, you're going to get more."

Cramer's Trust also owns Coterra Energy (CTRA), a Houston-based oil and gas producer.

Here's a full list of the stocks in Jim's Charitable Trust, the portfolio used by the CNBC Investing Club.

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