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Morning Brew Daily
The $60B Deal Crowning Exxon US Oil King & Birkenstock IPO Flop
Oct 12, 2023
28:54
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Exxon's $60B purchase of Pioneer, blacklisting college students after the Israel-Hamas war, Birkenstock's IPO flop, Gen Z's favorite brands, Alaska Airlines' new coffee
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Quick takeaways
- Exxon's $60 billion acquisition of Pioneer Natural Resources solidifies its position as the top oil company in the US, but raises concerns about its commitment to renewable energy.
- The Israeli-Hamas conflict has not only caused a humanitarian crisis but has also sparked tensions and debates in college campuses and corporate America.
Deep dives
The ExxonMobil-Pioneer Natural Resources Deal: A Bold Bet on US Oil Production
ExxonMobil's acquisition of Pioneer Natural Resources for nearly $60 billion marks the largest oil and gas deal in over two decades. The deal is a major bet on US oil production, particularly in West Texas, where Pioneer has extensive drilling opportunities. This move will increase Exxon's US energy production to around 45% of its total barrels. However, it raises questions about Exxon's commitment to renewable energy, given its focus on fossil fuels.
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