Federal Trade Commission is investigating ExxonMobil’s $60B deal to acquire a Texas oil company

By MATTHEW DALY
Associated Press

WASHINGTON (AP) — Security filings show the Federal Trade Commission is investigating ExxonMobil’s $60 billion deal to acquire a Texas oil company, potentially one the largest energy industry mergers in two decades. The request for additional information on Exxon’s proposed acquisition of Pioneer Natural Resources is a step the agency takes when reviewing whether a merger is anticompetitive under U.S. law. The investigation comes after Senate Majority Leader Chuck Schumer and 22 other Democratic senators urged the FTC to investigate the Exxon-Pioneer deal and a separate deal by oil giant Chevron to buy Hess Corporation for $53 billion. There’s no public indication of a federal inquiry into the Chevron merger.