It would be Pioneer's second significant acquisition in just over six months, after announcing in October it would buy Parsley Energy for $4.5 billion.
U.S. shale companies are on the hunt for acquisitions again, as they position themselves for the recovery in oil prices, with the value of U.S. crude rising 60% in the last six months. Consolidation allows them to cut costs so they can spend more on drilling and return cash to shareholders.
A deal between Pioneer and its private equity owners, which include Apollo Global Management Inc and Quantum Energy Partners, could be announced as soon as Thursday, the sources said, requesting anonymity ahead of an official announcement.
Pioneer and DoublePoint did not immediately respond to requests for comment.
DoublePoint Energy was formed in 2018 by the combination of two existing companies owned by private equity firms - Double Eagle Energy Holdings III and FourPoint Energy. It had more than 70,000 acres spread across six Texas counties, according to the statement announcing the formation.
Based in Dallas, Pioneer focuses exclusively on oil and gas exploration in the Permian Basin. It has a market capitalization of about $36 billion.
The Permian Basin stretches across Western Texas and Southeastern New Mexico and is considered the heart of the U.S. shale industry.
Dealmaking in the region has been picking up. Last year, Diamondback Energy Inc agreed to buy QEP Resources and Guidon Operating for a combined $3.2 billion including debt, and ConocoPhillips announced the $9.7 billion acquisition of Concho Resources.
(Reporting by Greg Roumeliotis in New York; editing by Diane Craft)
By Greg Roumeliotis
