ExxonMobil has acquired Pioneer Natural Resources for a whopping $59 billion USD.
👉 Background: ExxonMobil is one of the world's largest publicly traded oil and gas companies in the world. It produces around 3% of the world's oil and 2% of the world's energy. And with that enormous production, ExxonMobil reported a record profit of $56 billion USD just last year.
👉 What happened: Now, ExxonMobil has acquired Pioneer Natural Resources for a whopping $59 billion USD, the company that specialises in shale exploration.
👉 What else: And this acquisition is quite interesting timing because it goes against the major push towards renewable energy.
💡Acquisitions aren’t just a financial move or a strategic move... they’re a calculated gamble on the future of an industry.
💡ExxonMobil's enormous $59 billion USD acquisition is a gamble that fossil fuels will remain critical for consumers and businesses in the foreseeable future.
💡While renewable energy is developing quickly, its share in the overall energy mix is still relatively small. In 2022, renewable energy accounted for just 5.5% of total global energy supply.
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