Big Oil Is Only Getting Bigger—and Meaner ...Middle East

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Big Oil Is Only Getting Bigger—and Meaner
source : The New Republic ( Middle East ) () 17
In announcing a deal to acquire shale driller Pioneer Resources for $60 billion, ExxonMobil last week initiated the year’s biggest corporate buyout, which is also the company’s biggest such transaction since 1999. Pioneer Resources exists for a single reason: to drill for oil and gas. Exxon’s purchase is an indication that it intends to keep doubling down on exactly that, continuing the trend of major oil and gas companies walking back climate commitments made when they were making less money on their core business. By 2027, according to Bloomberg, Exxon now plans to produce two million barrels per day in the Permian Basin. The takeover could be the start of a long-awaited wave of consolidat

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