It will be Exxon's largest acquisition in 25 years.
for Pioneer Natural Resources after securing agreement that ex-Pioneer CEO Scott Sheffield won't serve on the board.The merger is the biggest step in a wave of consolidation sweeping the U.S. oil patch, and Exxon's largest acquisition in 25 years.The FTC on Thursday morning said it took action to "resolve antitrust concerns" around the deal andThe regulators said they're acting to prevent "collusive activity" that could raise oil prices.
Sheffield "exchanged hundreds of text messages with OPEC representatives and officials discussing crude oil market dynamics, pricing and output," the commission said.Exxon said it learned about the allegations from the FTC and that they're "inconsistent with how we do business," adding the FTC "raised no concerns with our business practices" in its review."We disagree and are surprised by the FTC's complaint saying that Mr.
The FTC's finding "reflects a fundamental misunderstanding of the U.S. and global oil markets and misreads the nature and intent of Mr. Sheffield's actions," Pioneer said."We will close on May 3 and look forward to implementing the integration plans we've jointly developed with Pioneer over the past six months," Exxon said.Share on linkedin
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer dealThe FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, according to a source familiar with the matter.
Read more »
Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer dealThe FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, according to a source familiar with the matter.
Read more »
FTC to approve major Exxon deal — but exclude key executiveExxon’s $64 billion takeover of Pioneer Resources is one of a half-dozen Permian Basin mergers under review at the agency.
Read more »
Pioneer Natural Resources co-founder will be barred from board in deal for Exxon mergerThe US Federal Trade Commission is poised to greenlight Exxon Mobil’s $60 billion purchase of Irving-based Pioneer Natural Resources after the companies...
Read more »
In 'Brazen Wealth Transfer', Exxon and Chevron Pay Out Record Sums to ShareholdersOlivia Rosane is a staff writer for Common Dreams.
Read more »
Senator Elizabeth Warren claims TurboTax ‘relentlessly’ upsells customers in letter to FTCSenator Elizabeth Warren (D-MA) has written a letter to the Federal Trade Commission, saying that Intuit TurboTax continues to “relentlessly upsell” customers.
Read more »