On Oct. 11, ExxonMobil (NYSE: XOM) made waves by announcing an all-stock merger with Pioneer Natural Resources (NYSE: PXD), valuing Pioneer at $59.5 billion. Just 12 days later, (NYSE: CVX) followed suit with its $53 billion all-stock merger with Hess (NYSE: HES). 

Exxon's announcement marked its largest deal since Exxon and Mobil merged in 1999. Similarly, Chevron's merger is its largest since it merged with Texaco in 2001. The decision by Exxon and Chevron to make simultaneous mega moves is eerily familiar to the late 1990s/early 2000s oil market. But this time around, the energy transition has some serious runway.

Let's discuss why ExxonMobil and Chevron are betting big on fossil fuels just a few years after announcing aggressive environmental, social, and governance (ESG) targets, and whether either dividend stock is worth buying now near its all-time high.

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Source Fool.com