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Exxon CEO’s Quest for Mega Deal Is a Bet on Oil’s Staying Power

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

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Exxon’s talks to buy Pioneer Natural Resources Co., a US rival with a market value of $55 billion, represent a strategic bet underpinned by Woods’s 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.