ExxonMobil doubles down on fossil fuels with $59.5 billion Pioneer deal

ExxonMobil is buying itsoil and gas rival Pioneer Natural Resources in a $59.5 billion megadeal.

The latest ExxonMobil deal creates a shale-drilling behemoth in the U.S. Permian Basin, where both it and Pioneer have considerable sway.

Together, the two companies will have an estimated 16 billion barrels of oil-equivalent resources in the Permian Basin, according to Exxon’s release. Exxon’s production from the Permian would more than double as a result of the acquisition, to 1.3 million barrels per day.

The transaction should improve U.S. energy security, ultimately benefiting the American economy and consumers, Exxon said in its release.