Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions

Posted on AllSides October 25th, 2023
From The Center
Energy, Fossil Fuels, Exxon, Chevron
Kyle Grillot | Bloomberg | Getty Images

On Monday, Chevron announced plans to acquire oil and gas company Hess for $53 billion in stock.

Less than two weeks prior, Exxon Mobil announced it is acquiring oil company Pioneer Natural Resources for $59.5 billion in stock.

On Tuesday, the International Energy Agency released its annual world energy outlook report that projects global demand for coal, oil and natural gas will hit an all-time high by 2030, a prediction the IEA’s executive director Fatih Birol had telegraphed in September.

“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if,’ it’s just a matter...

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https://www.cnbc.com/2023/10/25/why-exxon-chevron-are-doubling-down-on-fossil-fuel-energy.html

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