Exxon deal banks on oil for decades to come

Big call: Woods speaks at a conference in Calgary, Canada. The Exxon Mobil chief executive officer is betting that oil and gas will be central to the world’s energy mix for decades to come, whatever path the transition to a lower-carbon future takes. — Bloomberg

HOUSTON: Exxon Mobil Corp boss Darren Woods is poised to emulate his two predecessors with a career-defining mega-deal that, for better or for worse, would likely transform the oil giant.

Exxon’s talks to buy Pioneer Natural Resources Co, a US rival with a market value of US$55bil, represent a strategic bet underpinned by Woods’ belief that oil and gas will be central to the world’s energy mix for decades to come, whatever path the transition to a lower-carbon future takes.