The world is in the midst of a major transition, with rapid growth in the demand for clean energy sources. ExxonMobil (NYSE: XOM) is firmly entrenched in the older, dirtier world of carbon fuels. Although it has dipped its toes into clean energy, the recent merger agreement with Pioneer Natural Resources (NYSE: PXD) should cement in investors' minds that Exxon is an oil company. Here's how to think about Exxon as an investment today.

Exxon will give Pioneer shareholders 2.3234 shares of ExxonMobil for each Pioneer share they own, valuing the deal, including assumed debt, at roughly $64.5 billion. That's the largest transaction that Exxon has undertaken since it merged with Mobil. So this is a very big transaction.

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Source Fool.com