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Select quotes from the Forbes article:
- On October 23, 2023 ExxonMobil announced the acquisition of Pioneer Natural Resources in an all-stock transaction valued at approximately $64.5 billion. The acquisition would combine Pioneer’s more than 856,000 acres in the Midland Basin with ExxonMobil’s 570,000 net acres in the adjacent Delaware and Midland Basins resulting in an estimated 16 billion barrels of oil equivalent resources in the Permian Basin.
- ExxonMobile said: “Plans to accelerate Pioneer’s net zero Permian ambition from 2050 to 2035.”
- The market had a negative reaction to the deal…
- A big disadvantage of shale is that it produces a lot of methane and so is, as The Economist put it, the “bête noire” of environmentalists.
- I am not an expert on climate change, the energy industry, or ExxonMobil (although I have written about their view of climate change what they regard as material risk factors). What I found very helpful was the report “Chevron, ExxonMobil and Oxy: M&A and the Energy Transition” by Neil Quach, Senior Corporate Research Analyst – North American Oil & Gas, at Carbon Tracker.
- It’s worth noting that large bellwether companies are under far greater scrutiny than their smaller brethren.
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