The Financial Post reports in its Friday edition that Exxon Mobil's acquisition of Pioneer Natural Resources for $59.5-billion (U.S.) is being seen as a major vote of confidence in fossil fuels, boding well for the Canadian oil patch. The Post's Amanda Stephenson writes that it is Exxon Mobil's largest buyout since acquiring Mobil two decades ago and a move that will create a colossal hydraulic fracturing (fracking) operator in West Texas. Observers have framed the deal as Exxon doubling down on fossil fuels at a time when the world is seeking to transition to lower-carbon energy sources in order to slow the pace of climate change. SAF Group analyst Dan Tsubouchi says Exxon is clearly confident that global demand for oil will remain strong in at least the immediate future. "They're spending $60-billion (U.S.) today. They wouldn't do that if they didn't see at least a 10-to-15-year window for oil." That "stronger for longer" outlook is due to a variety of factors, says Mr. Tsubouchi, including that many of the technologies necessary for the energy transition have been slower to roll out than advocates might have hoped. He says, "Demand for oil is not going away as quickly as people assumed."