ExxonMobil has agreed to acquire Shale group Pioneer Natural Resources for $59.5 billion, making it the largest oil and gas deal in the US in over two decades. The deal will increase Exxon's dominance in the Permian Basin shale field and reinforces the company's support for fossil fuel production. Despite calls to shift towards renewable energy, Exxon has chosen to focus on its core business. The company claims that the acquisition will strengthen energy security and boost the US economy, but critics argue that it will hinder efforts to achieve climate targets and reduce transparency around methane emissions.
The post Exxon Reinforces Support for fossil fuels with deal to buy shale giant for $60 billion appeared first on Balanced News Summary.