Exxon Mobil's Pioneer deal is being seen by some as a vote of confidence in fossil fuels that bodes well for Canada's oilpatch. Read on.
CALGARY — Exxon Mobil Corp.’s acquisition of Pioneer Natural Resources Co. in a US$59.5-billion megadeal is being seen by some as a major vote of confidence in fossil fuels that also bodes well for the Canadian oilpatch., its largest buyout since acquiring Mobil two decades ago and a move that will create a colossal hydraulic fracturing operator in West Texas.
That “stronger for longer” outlook is due to a variety of factors, Tsubouchi said, including that many of the technologies necessary for the energy transition — including hydrogen development, sustainable aviation fuel and more — have been slower to roll out than advocates may have hoped. In particular, he said such deal-making might occur in the Montney region of northeast British Columbia and northwest Alberta, where horizontal fracking technology similar to what Exxon will be using in the Permian opens up opportunities for companies to increase production in a relatively cost-efficient manner.
Canadian oil and gas executives have been vocal recently about what they see as an increasingly rosy outlook for fossil fuels.‘s chief executive Rich Kruger told analysts on a conference call earlier this year that while lower emissions energy is important, the way for Suncor to win in today’s business environment is to focus on its
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Exxon's US$59.5B bet on fossil fuels has implications for Canadian oilpatch: expertsCALGARY — Exxon Mobil Corp.'s acquisition of Pioneer Natural Resources in a US$59.5 billion mega-deal is being seen by some as a massive vote of confidence in fossil fuels that also bodes well for the Canadian oilpatch.
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