The tie-up comes as energy prices are rebounding.
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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ExxonMobil doubles down on fossil fuels with $59.5 billion Pioneer dealThe all-stock deal, which both companies announced Wednesday, is the biggest merger for the oil company since it acquired Mobil in 1999.
Read more »
ExxonMobil merges with Pioneer Natural Resources in $59.5 billion dealShareholders of Pioneer Natural Resources will receive 2.3234 shares of ExxonMobil for each Pioneer share they own at closing, Exxon said in a statement.
Read more »
Fed minutes loom, ExxonMobil-Pioneer deal talk - what's moving marketsFed minutes loom, ExxonMobil-Pioneer deal talk - what's moving markets
Read more »
ExxonMobil announces deal to acquire Pioneer for $59.5 billion in all-stock dealExxonMobil announces deal to acquire Pioneer for $59.5 billion in all-stock deal
Read more »
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.
Read more »