Saudi Arabia

Saudi Energy Minister: Oil Company Acquisitions Evidence of Hydrocarbons' Longevity

Saudi Energy Minister: Oil Company Acquisitions Evidence of Hydrocarbons' Longevity

Saudi Energy Minister Prince Abdulaziz bin Salman stated today, Tuesday, that "the acquisitions carried out by major oil companies, such as Chevron's $53 billion deal to purchase Hess, demonstrate that hydrocarbons are here to stay." During the Future Investment Initiative conference in Riyadh, he noted that "Exxon and Chevron did not buy these companies because they want to own assets without utilizing them." The prince also referenced ExxonMobil's complete acquisition of Pioneer Natural Resources for $59.5 billion. His Royal Highness Prince Abdulaziz bin Salman participated in a panel discussion titled: "Elements of the Energy System" at the Future Investment Initiative.

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