Exxon’s Pioneer deal isn’t a vote of confidence

Woods: Selling off a polluting business to sit on someone else’s balance sheet is a beauty competition that makes no difference in carbon terms. — AP

LIKE many oil company bosses, Exxon Mobil Corp chief executive officer Darren Woods is a sceptic about the potential of merger and acquisition deals to reduce carbon emissions.

So, it’s surprising how many people have seen his biggest acquisition as a bet on the opposite outcome.