ExxonMobil doubles down on fossil fuels with $59.5 billion Pioneer deal

their strategies on fossil fuel production, while scaling back their plans for moving into cleaner energy.

“They are not only misjudging the market fundamentals, they are misjudging the mood on the streets of the world,” Birol said in a recent interview with The Washington Post. “It is rather myopic to go for large-scale fossil fuel investment in a world where we see global oil demand set to peak before the end of this decade.”

The deal could “reshape the landscape of the onshore U.S. Permian Basin” and usher in a new era for U.S. energy production, wrote analysts at Rystad Energy in a note to investors Friday, as rumors were already swirling of a possible deal.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exxon Mobil buying buys Pioneer Natural in $59.5 billion deal with energy prices surgingExxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, making it one of the oil giant’s biggest transactions ever. The transaction’s value, including debt, is about $64.5 billion. Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share.
Source: AP - 🏆 728. / 51 Read more »