2023 was almost 1.5℃ hotter than the period before the mass burning of fossil fuels, making it the hottest year on record. But that’s not stopping the oil and gas industry from consolidating power to drill more and increase planet-warming emissions.
Earlier this year, Chesapeake Energy announced plans to acquire Southwestern Energy for $7.4 billion, making it the largest U.S. producer of fracked gas. Now, ConocoPhillips is acquiring Marathon Oil in a $17 billion all-stock deal!
Oh, but wait, there’s more: Exxon acquired Pioneer Natural Resources; Occidental is purchasing CrownRock; Chevron is trying to buy Hess, and in February, Diamondback Energy announced it's buying Endeavor Energy.
It’s an oil and gas merger marathon!
Federal agencies must halt these mega-mergers to protect people and the planet. But it’s up to us to make these demands heard.
Predatory fossil fuel corporations are taking advantage of our planet’s finite resources and jeopardizing the safety of our communities. While a handful of powerful, polluting corporations reap excessive profits, people suffer from the effects — stronger storms, intense heat waves, drought, wildfires, flooding — enough! We are at a crisis point.
We have to stop extracting and burning fossil fuels. That means stopping mega-mergers between oil and gas corporations like the one between ConocoPhillips and Marathon Oil.
Technology for a large-scale transition to renewable energy has existed for over 20 years and is cheaply available now. But timid decision-makers are afraid to take the actions they know are needed to make this transition.
It’s time for real action to stop climate change. And it’s time to put corporate polluters in their place.
Food & Water Action and its affiliated organization, Food & Water Watch, are advocacy groups with a common mission to protect our food, water and climate.
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