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US oil giant
Will Big Oil invest in renewable energy, or in classic fossil sources?
In the news:
- This is the largest deal for the energy giant since the merger of
Exxon and Mobil Oil in 1998. -
The timing for the deal was prompted by
ExxonMobil's recent share price rally, which nearly doubled in two years. That opened the door for the giant share swap.
Permian Basin
The gist: The acquisition makes
An excerpt from
Zoomed out: The deal makes it clear that the
- Indeed, the nearly
$60 billion will not be invested in a large-scale shift to renewable energy, which environmentalists are calling for. ExxonMobil appears to have prepared for criticism from that quarter, promising to accelerate Pioneer's zero-emissions plan by 15 years. This would achieve the goal of net zero greenhouse gases not in 2050, but as early as 2035.
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