The Real Energy Transition
Energy is still king in Texas M&A, despite the diversification of the Texas economy and the rise of technology and manufacturing and infrastructure. ExxonMobil's decision to buy Pioneer Natural Resources for $59.5 billion is exhibit A. Still, energy deals have been fading in recent years as a share of the overall M&A market: from a 42 percent share of the overall Texas deal count in 2020 to only 32 percent this year, according to The Lawbook's exclusive Corporate Deal Tracker. But while capital markets have retreated from investment in hydrocarbon development, energy transition is gaining traction in a way that is transforming Texas energy M&A. And even traditional oil and gas is beginning to reap the benefit.

