ExxonMobil announced Wednesday that it has agreed to acquire shale competitor Pioneer Natural Resources in an all-stock deal worth nearly $60 billion, a move seen as further evidence that the largest oil giant in the U.S. has no plans to heed scientists' increasingly dire warnings and scale back fossil fuel production. 'This deal shows that Exxon is doubling down on fossil fuels and has no intention of moving towards clean energy,' argued Jamie Henn, director of Fossil Free Media.
' 'At close, ExxonMobil's Permian production volume would more than double to 1.3 million barrels of oil equivalent per day , based on 2023 volumes, and is expected to increase to approximately 2 MOEBD in 2027,' the company said. As Reuters reported Wednesday, Exxon CEO Darren Woods 'has rebuffed investor and political pressure to shift strategies and embrace renewable energy as European oil majors have done.