Analysis-US would struggle to block Exxon's politically unpopular megadeal
© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo) for high energy prices taking their toll on consumers, but would struggle to thwart the top U.S. oil producer's contemplated $60 billion acquisition of
The White House wrote to Federal Trade Commission chair Lina Khan in 2021 asking her to scrutinize deals in the sector for"anti-consumer behavior," and the antitrust regulator subsequently slowed down the approval of many of them as it reviewed them. This is because oil and gas companies have been effective in arguing that U.S. mergers alone cannot stifle competition, as commodity prices are dictated by supply and demand forces in a vast global market.
The White House and the FTC declined to comment. Exxon and Pioneer did not respond to requests for comment. The antitrust experts agreed that, while Exxon and Pioneer stood a good chance of completing their deal, they would face a long antitrust review because of the controversy it will attract. Exxon's deal for Pioneer would make it the biggest producer in the Permian basin, which spans West Texas and eastern New Mexico, according to consultancies Wood MacKenzie and Rystad.
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Analysis: US would struggle to block Exxon's politically unpopular megadealThe White House may have blamed Exxon Mobil (XOM.N) for high energy prices taking their toll on consumers, but would struggle to thwart the top U.S. oil producer's contemplated $60 billion acquisition of Pioneer Natural Resources (PXD.N), five antitrust lawyers and experts said on Friday.
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