Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions

PUBLISHED WED, OCT 25 20238:00 AM EDTUPDATED 50 MIN AGO

Catherine Clifford@IN/CATCLIFFORD/@CATCLIFFORD

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KEY POINTS

• On Monday, Chevron announced it is acquiring oil and gas company Hess for $53 billion in stock.
• Less than two weeks prior, Exxon Mobil announced it was acquiring oil company Pioneer Natural Resources for $59.5 billion in stock.
• “The large companies — nongovernment companies — do not see an end to oil demand any time in the near future,” Larry J. Goldstein, a former president of the Petroleum Industry Research Foundation, told CNBC in a phone conversation Monday.