Exxon, Pioneer Receive Second US FTC Request For Details On Pending Takeover

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The U.S. Federal Trade Commission has sent shale oil producers Pioneer Natural Resources and Exxon Mobil 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 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 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.

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