{"id":2116896,"date":"2023-12-05T20:05:01","date_gmt":"2023-12-06T01:05:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftc-investigates-exxons-60b-merger-with-pioneer\/"},"modified":"2023-12-05T20:08:51","modified_gmt":"2023-12-06T01:08:51","slug":"ftc-investigates-exxons-60b-merger-with-pioneer","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftc-investigates-exxons-60b-merger-with-pioneer\/","title":{"rendered":"FTC probes Exxon&#8217;s $60B merger with Pioneer"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fftc-investigates-exxons-60b-merger-with-pioneer%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2116896&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Antitrust Enforcers Investigating Exxon Mobil&#8217;s $60\u200d Billion Merger \u200cwith Pioneer Natural Resources<\/h2>\n<p>The\u200b Federal Trade Commission (FTC) is\u2063 currently conducting an\u200b investigation into Exxon Mobil&#8217;s proposed \u200cmerger with Pioneer Natural Resources, a deal that is\u200c set to become the largest \u200din the oil and gas\u2063 industry in the past two decades.<\/p>\n<blockquote><p>The FTC has requested additional information from both \u2063companies regarding the merger, a typical\u200b step taken when\u200b assessing \u2064potential anti-competitive implications.<\/p><\/blockquote>\n<p>In an email sent to employees, Pioneer&#8217;s President and Chief Operating Officer, Richard Dealy, assured\u2064 that the company will\u200d diligently provide regulators with the requested\u2063 information. However, he emphasized that the deal is still expected to be finalized by the\u2064 end of June 2024.<\/p>\n<blockquote><p>&#8220;Until the \u2064transaction is complete, it is crucial to remember that we are still separate\u200b entities \u200cand must continue to operate\u200b independently,&#8221; Dealy stated.<\/p><\/blockquote>\n<p>The FTC\u200b has the authority to either challenge the merger in court or approve it by taking no action. \u200dIn some cases,\u200c companies choose to cancel deals if they learn that an antitrust agency intends \u2063to sue to prevent the merger from proceeding.<\/p>\n<p>Exxon&#8217;s announcement in October revealed\u2064 its plans to \u200bacquire Pioneer in an all-stock deal worth $59.5 billion. This \u200bwould mark Exxon&#8217;s largest acquisition\u200c since its merger with Mobil in 1998 and the most significant merger \u2064of the year. The merger\u200c would solidify Exxon&#8217;s position as\u2062 the leading player in the fracking\u200d industry, expanding\u200d its presence in the Permian Basin \u200bof West Texas.<\/p>\n<p>Exxon has previously stated that the merger\u2064 would optimize the resources of both companies, with an expected cost of \u200dsupply of less than $35 per \u200cbarrel from Pioneer&#8217;s assets.<\/p>\n<p>In\u200b November, a group\u200d of Senate Democrats, led by Majority Leader Chuck Schumer,\u2063 expressed concerns about \u2062the Exxon-Pioneer deal in a letter to FTC Chairwoman Lina\u2064 Khan. They argued that the merger could \u2063harm competition, potentially leading to \u200bincreased\u200b consumer prices and reduced output across the United States.<\/p>\n<p>Upon hearing the news of the FTC&#8217;s investigation, Schumer \u200ccommended the agency&#8217;s actions, emphasizing its \u2062responsibility to scrutinize the merger&#8217;s potential impact on gas prices\u2063 and \u2064competition.<\/p>\n<blockquote><p>&#8220;I will closely monitor\u2062 this investigation and urge the FTC to block the deal if any antitrust laws are found to be violated,&#8221; Schumer stated in a Tuesday press release.<\/p><\/blockquote>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here<\/a> to \u2064read \u2063more from The \u2064Washington Examiner.<\/p>\n<p> <\/p>\n<h2> What are the potential risks to competition that the FTC will examine in \u200bthe investigation of the Exxon Mobil and Pioneer Natural Resources merger?<\/h2>\n<p><span>  N to facilitate the review process. Dealy emphasized that Pioneer remains\u2064 committed to cooperating fully with the FTC and will work towards a successful \u2064completion of the merger.<\/p>\n<p>The proposed merger between Exxon Mobil and Pioneer Natural\u200d Resources has\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/defendant-requesting-speedy-trial-in-trump-election-case-pleads-not-guilty\/\" title=\"Defendant in Trump election case pleads not guilty, seeks speedy trial.\">garnered significant attention due<\/a> to its size and potential impact on the oil and gas industry. With \u2062a total value of \u200d$60 \u2064billion, this merger would undoubtedly create a major player in the market, capable of \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-money-these-are-the-10-wealthiest-people-in-the-us-in-2023\/\" title=\"Big money: These are the 10 wealthiest people in the US in 2023\">exerting significant influence<\/a> over prices and competition.<\/p>\n<p>Antitrust enforcers, including the FTC, are responsible for\u2062 ensuring fair \u2062competition and preventing anti-competitive behavior \u200din the marketplace. When investigating large mergers like this one, they carefully examine potential risks to competition, such as increased market \u200dconcentration and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fcc-commissioner-who-helped-kill-net-neutrality-says-new-biden-net-regs-are-unlawful\/\" title=\"FCC Commissioner, involved in ending net neutrality, deems Biden's new net regulations as 'illegal'.\">reduced consumer choice<\/a>.<\/p>\n<p>Throughout the investigation, the FTC will assess the \u2062potential impact on competition within the\u2064 oil and gas industry. They will consider factors such as \u200bmarket shares, potential barriers to entry for \u200cnew competitors, and the ability of the merged entity to exercise market power. In light of these concerns, the FTC has requested additional \u200dinformation from both Exxon Mobil and Pioneer Natural \u200dResources.<\/p>\n<p>This request \u200cfor additional information is \u200ba standard part of the review process and does not necessarily \u2063indicate that the merger will be blocked or face \u200csignificant hurdles. However, it does reflect\u200c the FTC&#8217;s commitment to thoroughly evaluate the potential implications of the merger before making a final determination.<\/p>\n<p>Exxon Mobil \u200band Pioneer Natural Resources are expected to\u200c provide the requested information promptly and cooperate fully\u200c with the investigation. By doing so, they will\u2062 demonstrate their commitment to ensuring a fair and \u2064competitive marketplace.<\/p>\n<p>Industry experts anticipate that the merger, if approved, could have far-reaching\u2062 consequences for the oil \u2062and gas industry. The combined company would have significant control over \u200da substantial portion of the market, potentially leading to higher prices for \u200dconsumers and reduced competition for other market players. These\u200b concerns \u200cunderscore the importance of a thorough and\u2062 comprehensive investigation by the FTC.<\/p>\n<p>It is worth noting that mergers\u2064 of this magnitude \u2064often draw scrutiny \u2064not only from antitrust enforcers but also from various stakeholders \u2063and industry watchdogs. The effects of such a merger \u200cextend beyond the direct parties involved and can \u2063have implications for the broader economy and society.<\/p>\n<p>While \u200cthe investigation by the FTC \u2064is still ongoing, it is essential for all parties to \u200brespect the \u200cprocess and cooperate fully. Antitrust enforcers play a crucial role in maintaining healthy competition and preventing the\u2062 concentration of power in the hands of a few. By conducting\u2064 a diligent \u2062and unbiased \u200breview, the FTC ensures that the proposed merger aligns with the principles of fair competition.<\/p>\n<p>As the investigation progresses, it is expected that the FTC will carefully weigh\u2064 the potential benefits \u2063and risks\u2064 associated with the merger. Ultimately, their decision will shape the future landscape of the oil and gas industry and have ramifications \u200cfor all stakeholders \u200binvolved. Only time will tell how\u2063 the merger will unfold and\u200b what impact it will have on market dynamics, but in the meantime, the antitrust enforcers&#8217; thorough investigation remains of utmost importance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Antitrust enforcers are probing Exxon Mobil&#8217;s $60 billion merger with Pioneer Natural Resources, the biggest oil and gas deal in 20 years. The Federal Trade Commission has asked for additional details from both firms, as per Pioneer&#8217;s filing on Tuesday<\/p>\n","protected":false},"author":1,"featured_media":2116897,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2116896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2116896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2116896"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2116896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2116897"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2116896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2116896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2116896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}