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FTC Probing ExxonMobil’s $60-B Deal to Buy Texas Oil Firm
- By The Financial District
- Dec 11, 2023
- 1 min read
Federal regulators are investigating ExxonMobil’s $60 billion deal to acquire a Texas oil company, Pioneer Natural Resources, in one of the largest energy industry mergers in two decades, reported Matthew Daly for the Associated Press (AP).
The Federal Trade Commission (FTC) has requested additional information from the companies regarding the proposed acquisition to determine if it could be anticompetitive under US law. I Photo: ExxonMobil Facebook
The Federal Trade Commission (FTC) has requested additional information from the companies regarding the proposed acquisition to determine if it could be anticompetitive under US law.
Pioneer disclosed the request in a filing, and the investigation follows calls from Senate Majority Leader Chuck Schumer and other Democratic senators to scrutinize the Exxon-Pioneer deal.
It is part of two significant petroleum deals in the US, along with Chevron's proposed $53 billion purchase of Hess Corporation, which also faces Democratic scrutiny.
