Exxon, Pioneer receive second US FTC request for details on pending takeover
Reuters
Published Dec 05, 2023 09:42AM ET
Updated Dec 06, 2023 10:27AM ET
(Reuters) -The U.S. Federal Trade Commission has sent shale oil producer Pioneer Natural Resources (NYSE:PXD) and Exxon Mobil (NYSE:XOM) a second request for more information on their $60 billion takeover deal, Pioneer said on Tuesday.
The companies are working with the FTC and continue to expect that the deal will be completed in the first half of 2024, Pioneer said in a regulatory filing.
U.S. Senate Majority Leader Charles Schumer and 22 other Democratic senators wrote to the FTC in November saying multibillion-dollar acquisitions by major oil and gas companies Exxon and Chevron (NYSE:CVX) could lead to higher prices for consumers.
Schumer reiterated his interest on Tuesday, saying that the Exxon deal "has all the hallmarks of harmful, anticompetitive effects."
"If this merger were to go through it would most certainly raise gas prices for families across the country," he said, adding that the agency should sue to stop the deal "if they find any antitrust laws are being violated."
Exxon announced the deal to buy Pioneer in October. Also in October, Chevron agreed to acquire Hess (NYSE:HES) for $53 billion.
Antitrust experts said in October that despite the size of the proposed transaction, the FTC would struggle to stop it because it is a merger of producers rather than refiners or retail outlets.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.