The Globe and Mail reports in its Thursday, Oct. 12, edition that Exxon Mobil announced Wednesday that it was acquiring Pioneer Natural Resources for $59.5-billion (U.S.). A New York Times dispatch to The Globe reports that the deal squarely lodges Exxon's future close to its Houston base, with most of its oil production in Texas and along the coast of Guyana. By concentrating its operations close to home, Exxon is effectively betting that U.S. energy policy will not move against fossil fuels in a major way, even as the Biden administration encourages automakers to switch to electric vehicles and utilities to make the transition to renewable energy. Exxon executives have said that in addition to producing more fossil fuels, the company is building a new business that will capture carbon dioxide from industrial sites and bury the greenhouse gas in the ground. The technology to do that remains in an early stage and has not been successfully used on a large scale. Exxon chief executive officer Darren Woods says, "We're doubling down on our organizations and capabilities." He adds the combined company would generate value "well in excess of what either company is capable of doing on a stand-alone basis."