Chevron Buys Low, Exxon Buys High (NYSE:CVX) seekingalpha.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from seekingalpha.com Daily Mail and Mail on Sunday newspapers.
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