Exxon Mobil to create huge Texas fracking operator with deal to buy Pioneer

Exxon Mobil has agreed a deal to buy Pioneer (Mark Humphrey/AP)

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at 59.5 billion US dollars (£48bn), its largest buyout since acquiring Mobil two decades ago, and creating a colossal fracking operator in West Texas.

Including debt, Exxon is committing about 64.5 billion US dollars (£52bn) to the acquisition, leaving no doubt as to the Texas energy company’s commitment to fossil fuels as energy prices surge.