Exxon Mobil's $60 billion bid for Pioneer Natural Resources would expand the top U.S. oil producer's footprint in the country's biggest oilfield, raising questions for shareholders over its transition to low-carbon energy.
Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin.
The deal puts focus on the Permian and signals Exxon, valued at $436 billion, is sticking to is fundamental business and is pursuing a strategy of consolidation which makes climate sense to some investors, bankers and industry analysts said.