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Exxon Mobil doubles down on fossil fuels with $59.5 billion deal for Pioneer Natural as prices surge

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. Including debt, Exxon is committing about $64.5 billion to the acquisition announced Wednesday, leaving no doubt of the Texas energy companyโ€™s commitment to fossil fuels as energy prices surge. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion. The deal with ...
United States New Mexico Scott Sheffield Citi Alastair Syme Us Energy Information Administration Associated Press
Source: wdio.com

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