
-
Experts warn 'AI-written' paper is latest spin on climate change denial
-
PSG eye becoming France's first 'Invincibles'
-
Late birdie burst lifts Ryder to Texas Open lead
-
Five potential Grand National fairytale endings
-
Trump purges national security team after meeting conspiracist
-
More work for McIlroy even with two wins before Masters
-
Trump hopeful of 'great' PGA-LIV golf merger
-
No.1 Scheffler goes for third Masters crown in four years
-
Where Trump's tariffs could hurt Americans' wallets
-
Trump says 'very close to a deal' on TikTok
-
Trump tariffs on Mexico: the good, the bad, the unknown
-
Postecoglou denies taunting Spurs fans in Chelsea defeat
-
Oscar-winning Palestinian director speaks at UN on Israeli settlements
-
With tariff war, Trump also reshapes how US treats allies
-
Fernandez fires Chelsea into fourth as pressure mounts on Postecoglou
-
South Korea court to decide impeached president's fate
-
Penguin memes take flight after Trump tariffs remote island
-
E.T., no home: Original model of movie alien doesn't sell at auction
-
Italy's Brignone has surgery on broken leg with Winter Olympics looming
-
Trump defiant as tariffs send world markets into panic
-
City officials vote to repair roof on home of MLB Rays
-
Rockets forward Brooks gets one-game NBA ban for technicals
-
Pentagon watchdog to probe defense chief over Signal chat row
-
US tariffs could push up inflation, slow growth: Fed official
-
New Bruce Springsteen music set for June 27 release
-
Tom Cruise pays tribute to Val Kilmer
-
Mexico president welcomes being left off Trump's tariffs list
-
Zuckerberg repeats Trump visits in bid to settle antitrust case
-
US fencer disqualified for not facing transgender rival
-
'Everyone worried' by Trump tariffs in France's champagne region
-
Italy's Brignone suffers broken leg with Winter Olympics looming
-
Iyer blitz powers Kolkata to big IPL win over Hyderabad
-
Russian soprano Netrebko to return to London's Royal Opera House
-
French creche worker gets 25 years for killing baby with drain cleaner
-
UK avoids worst US tariffs post-Brexit, but no celebrations
-
Canada imposing 25% tariff on some US auto imports
-
Ruud wants 'fair share' of Grand Slam revenue for players
-
Lesotho, Africa's 'kingdom in the sky' jolted by Trump
-
Trump's trade math baffles economists
-
Gaza heritage and destruction on display in Paris
-
'Unprecedented crisis' in Africa healthcare: report
-
Pogacar gunning for blood and thunder in Tour of Flanders
-
Macron calls for suspension of investment in US until tariffs clarified
-
Wall St leads rout as world reels from Trump tariffs
-
Mullins gets perfect National boost with remarkable four-timer
-
Trump tariffs hammer global stocks, dollar and oil
-
Authors hold London protest against Meta for 'stealing' work to train AI
-
Tate Modern gifted 'extraordinary' work by US artist Joan Mitchell
-
Mexico president welcomes being left off Trump's new tariffs list
-
Tonali eager to lead Newcastle back into Champions League

ExxonMobil to buy Texas shale producer Pioneer for about $60 bn
ExxonMobil sealed a megadeal to acquire Pioneer Natural Resources for about $60 billion, bolstering its holdings in the Permian Basin, a key US petroleum region, the companies announced Wednesday.
Under the all-stock transaction, ExxonMobil will buy Texas-based Pioneer for $59.5 billion based on ExxonMobil's closing price on October 5. The overall transaction, including debt, is valued at around $64.5 billion, the companies said.
ExxonMobil said the takeover, the company's biggest since the late 1990s acquisition of Mobil by Exxon, will enable greater economies of scale, permitting it to deploy drilling and operating technologies over a bigger region.
"The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis," said ExxonMobil Chief Executive Darren Woods.
The "highly contiguous" drilling acreage of the two companies will allow "for greater opportunities to deploy our technologies, delivering operating and capital efficiency as well as significantly increasing production," Woods said.
Production in the Permian Basin, located in western Texas and eastern New Mexico, accounts for a whopping 5.8 million barrels of oil per day, or about 45 percent of US output.
- Shale revival -
The region has a long and storied history, with the first wells dating to 1920. The basin soared during the energy boom of the 1970s before experiencing a steady decline in subsequent decades.
The US shale boom of the 2010s revived the area, with fracking and new drilling techniques that make development more affordable.
Both ExxonMobil and fellow US petroleum behemoth Chevron have invested heavily in the region in recent years.
With the Pioneer acreage, ExxonMobil will be able to drill some wells as long as four miles, boosting efficiency the oil giant said would enable it to produce the acquired acreage for less the $35 a barrel.
The takeover comes as oil currently trades at more than $85 a barrel, a relatively high historical benchmark.
ExxonMobil vowed that it would employ best practices on the environment, accelerating Pioneer's plan to reach "net zero" emissions by 15 years to 2035 and employing technology to limit methane emissions.
But as a longterm bet on oil and gas, the merger is unlikely to please climate activists.
ExxonMobil has long faced criticism that it intentionally fueled doubts about climate change science in order to protect its core business.
Under Woods, the company has established a low-carbon business, having acquired Denbury Inc., a specialist in enhanced oil recovery and carbon sequestration, for $4.9 billion earlier this year.
While ExxonMobil usually avoids big deals under a high price scenario, analysts noted that Pioneer's shares had retreated prior to speculation of the deal.
Another factor favoring a deal was the impending retirement of Pioneer CEO Scott Sheffield, who has planned to step down at the end of 2023.
Shares of Pioneer jumped 2.0 percent in pre-market trading, while ExxonMobil dropped 2.5 percent.
Y.Nakamura--AMWN