What the Exxon Mobil-Pioneer Natural Resources merger means for consumers

Texas’ prolific Permian Basin set the scene for the largest oil-and-gas deal of the last two decades with Exxon Mobil’s $59.5 billion takeover of Irving-based Pioneer Natural Resources. The megadeal, announced Wednesday, also cements the energy giant’s future in fossil fuels as it becomes the nation’s dominant producer of shale oil. Even as the world looks to transition to energy sources with lower emissions, Exxon’s acquisition is a bet that the combined companies can extract oil and gas from the Permian’s rich reserves at a lower cost and with technology...