Exxon CEO's Mega Deal Bet on Oil's Staying Power and Biden's Blessing

Exxon Mobil Corp CEO Darren Woods is in talks to acquire Pioneer Natural Resources Co, a US rival with a market value of $55 billion, in a strategic bet that oil and gas will remain central to the world's energy mix for decades to come. The potential mega deal, which would create a shale-focused giant producing nearly 4.5 million barrels of oil equivalent a day, comes with risks as the world seeks to reduce greenhouse gas emissions. However, the acquisition could provide Exxon with valuable shale production capabilities and a low-carbon case, given its plans to reach net zero in the Permian Basin by 2030. The success of the deal will depend on its price and whether it aligns with Exxon's core skill set.