FTC Investigating ExxonMobil’s Multibillion-Dollar Planned Purchase of Oil Firm Pioneer

The Federal Trade Commission (FTC) is probing ExxonMobil’s nearly $60 billion planned acquisition of U.S. shale oil producer Pioneer Natural Resources. Pioneer said in a securities filing published on Dec. 5 that the oil giant and ExxonMobil “each received a request for additional information and documentary materials from the Federal Trade Commission in connection with the FTC’s review of the merger.” The FTC typically requests additional information from such companies regarding deals to ensure they comply with anti-competition laws. “Pioneer and ExxonMobil continue to work constructively with the FTC in its review of the merger and continue to expect that the merger will be completed in the first half of 2024, subject to the fulfillment of the closing conditions, including receipt of required regulatory approvals and approval of Pioneer’s stockholders,” the filing said....