Exxon’s $59.5 billion deal to buy a giant shale driller is telling us something about climate change and how fast the green transition will be

Exxon Mobil has agreed to pay $59.5 billion for rival Pioneer Natural Resources in a deal that will secure the energy giant’s status as the fracking leader in the all-important Permian Basin—a region that stretches across West Texas and New Mexico and produces nearly 40% of all U.S. oil and 15% of all U.S. natural gas.

If the acquisition survives a federal antitrust review, it will be Exxon’s largest since it merged with Mobil in 1999. And some industry insiders argue the big move into West Texas shale is indicative of a changing outlook toward the green energy transition.

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