ExxonMobil 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, ExxonMobil is committing about $64.5 billion to the acquisition, leaving no doubt of the Texas energy company’s commitment to fossil fuels as energy prices surge.
ExxonMobil doubles down on fossil fuels with $59.5B deal
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