Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin.
So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes.
Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building.
"Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal.
Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.
Persons:
Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy
Organizations:
Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson
Locations:
Paris, France, BOSTON, Ukraine