Business
ExxonMobil has announced a $59.5bn agreement to acquire Pioneer Natural Resources, the largest operator in the profitable Permian Basin shale field. This deal marks Exxon’s largest acquisition since Mobil Oil in 1998 and is expected to drive further consolidation in the industry. Chevron and ConocoPhillips are also reportedly exploring opportunities to purchase firms in the shale sector, although the potential acquisition of small drillers by oil giants may attract scrutiny from antitrust regulators.
BP has assured investors of its commitment to reducing oil and gas production and transitioning towards renewable energy, despite recent leadership challenges. In September, Bernard Looney resigned as CEO after failing to fully disclose his past personal relationships with female employees. Shortly after, BP’s top executive in America announced his departure from the company to pursue other career opportunities.
The latest forecasts from the IMF suggest that the global economic recovery is at risk of losing momentum. The IMF attributes this partly to households having to cope with a persistently high cost of living as their pandemic-induced savings diminish. While the US economy remains resilient and is projected to grow by 2.1% this year, the euro area is expected to experience only 0.7% growth, primarily due to the potential 0.5% contraction of Germany’s economy.
2023-10-12 09:04:45
Source from www.economist.com
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