Morning Brew Daily The $60B Deal Crowning Exxon US Oil King & Birkenstock IPO Flop
Oct 12, 2023
Exxon makes headlines with a staggering $60 billion acquisition of Pioneer, cementing its dominance in the U.S. oil market. The aftermath of the Israel-Hamas conflict is causing companies to rethink hiring practices, while Birkenstock's IPO flops in a challenging landscape. Discover how dining habits and Gen Z preferences are shifting, alongside surprising statistics on early dining trends. Plus, Alaska Airlines aims to elevate your coffee experience at 30,000 feet—who knew altitude could affect your brew?
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ExxonMobil's Big Bet on US Oil
- ExxonMobil bought Pioneer Natural Resources for $60 billion, the largest oil and gas deal in over two decades.
- This is Exxon's biggest deal since merging with Mobil in the late 1990s and the largest corporate transaction of 2024 so far.
ExxonMobil vs. IEA
- ExxonMobil CEO Darren Woods is betting on continued fossil fuel use for decades, contradicting the International Energy Agency's peak oil predictions.
- Woods' $60 billion investment in Pioneer reflects his belief that oil demand will remain strong.
Permian Basin's Potential
- The Permian Basin, now controlled by ExxonMobil through its Pioneer acquisition, is North America's most productive oil field.
- Its efficiency allows for profitability even at lower oil prices like $35/barrel.