You heard correctly: Exxon Mobil Corp XOM is in talks to create an out-of-this-world acquisition of Pioneer Natural Resources PXD for approximately $60 billion, with debt included. This acquisition underscores Exxon's commitment to fossil fuels and its ever-growing footprint in the energy sector. Upon completion, the deal will significantly expand Exxon's presence in the Permian Basin, boosting its overall production. Exxon has shown commendable financial strength through this uncertain market, posting record profits in 2022 and actively making acquisitions. The deal is approved by both companies' boards and is expected to close within the first two quarters of 2024, pending shareholder approval. The Energy Select Sector XLE and Vanguard Energy VDE are ETFs to watch as this acquisition unfolds.
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