Exxon's $60 Billion Acquisition of Pioneer Natural Resources Boosts Recovery and Cuts Costs

Exxon Mobil has announced its acquisition of Pioneer Natural Resources for $59.5 billion, solidifying its focus on fossil fuel production despite growing concerns about climate change and the industry's resistance to cleaner energy. The deal positions Exxon closer to its Houston base and concentrates its operations in Texas and Guyana, betting that U.S. energy policy will not heavily restrict fossil fuels. Exxon plans to capture carbon dioxide from industrial sites and bury it underground, but the technology is still in early stages. The acquisition makes Exxon the dominant player in the Permian basin, surpassing Chevron, and is expected to significantly increase its oil and gas production.