Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions

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On Monday, Chevron announced plans to acquire oil and gas company Hess for $53 billion in stock. Less than two weeks prior, Exxon Mobil announ...

Less than two weeks prior, Exxon Mobil announced it is acquiring oil company Pioneer Natural Resources for $59.5 billion in stock.

On Tuesday, the International Energy Agency released its annual world energy outlook report that projects global demand for coal, oil and natural gas will hit an all-time high by 2030, a prediction the IEA’s executive director Fatih Birol had telegraphed in September. “The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if,’ it’s just a matter...

 

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Analysis: Cash-rich Exxon, Chevron use stock for mega deals amid energy market jittersExxon Mobil (XOM.N) and Chevron (CVX.N) are flush with cash yet their acquisition targets are taking stock as the only form of payment, an arrangement that allows the two largest U.S. energy companies to clinch transformative deals despite volatile oil and gas prices.
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