The Financial Post reports in its Saturday, Oct. 14, edition that Exxon Mobil boss Darren Woods has long contended that oil and gas will remain central to the world's energy mix despite efforts to drive down emissions created by burning them. A Financial Times dispatch to the Post reports that last week, Mr. Woods placed a $60-billion bet on this proposition. Exxon's deal to acquire Pioneer Natural Resources will make it the dominant producer in the oil-and-gas-drenched Permian basin of Texas and New Mexico. Tacking on Pioneer will immediately double Exxon's Permian production to 1.3 million barrels of oil equivalent per day (bpd). The combined acreage will further drive the basin's output to about two million bpd by 2027. All told, Exxon will have access to 16 billion oil-equivalent barrels, with 15 to 20 years of remaining inventory. It is an audacious wager at a time when the International Energy Agency asserts that global demand for fossil fuels will peak before 2030, and must fall sharply in order to avoid the worst effects of global warming. Consultancy Wood Mackenzie calls the Pioneer buy a "massive oil deal that demonstrates Exxon Mobil's bullishness on longish-term oil demand and prices."