Pioneer Natural Resources Co (PNK.DU)

Exxon will likely still be producing oil & gas in 2050: Exxon CEO

Exxon Mobil (XOM) has completed an acquisition of Pioneer Natural Resources (PXD) in one of the largest oil deals in decades. Chairman and CEO Darren Woods sits down with Yahoo Finance's Brian Sozzi and Akiko Fujita to discuss the acquisition and the future of Exxon Mobil. Woods explains that the acquisition created an opportunity "to deliver more value than what either company could do on its own." He adds that with Pioneer's technology, Exxon Mobil will be able to produce more oil at a lower cost. The CEO expects the acquisition to generate an annual $2 billion in synergies. He adds that with new technologies on the horizon and innovations in the field, Exxon will likely continue producing oil and gas in 2050. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. Be sure to check out more from Yahoo Finance's coverage of the 2024 Milken Institute Global Conference. This post was written by Melanie Riehl