The 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.
U.S. President Joe Biden makes a statement about gasoline prices and oil company profits in the Roosevelt Room as U.S. Treasury Secretary Janet Yellen listens at the White House in Washington, U.S., October 31, 2022. REUTERS/Leah Millis/File Photofor 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 ResourcesU.S.
Andre Barlow, an antitrust attorney with Doyle, Barlow and Mazard PLLC, said oil and gas deals such as that for Pioneer, which involve production and exploration, are easier to defend under antitrust law. Political pressure was building on the FTC on Friday to investigate any agreement that Exxon and Pioneer reached.
"The modern U.S. experience is that oil and gas deals of any notable size get a close look. Gasoline prices are creeping up and that will make a difference," said William Kovacic, a former FTC chair who teaches at George Washington University's law school.$27 billion acquisition of Atlantic Richfield in 2000. It sued to block the merger and only agreed to drop its objections after BP offered to divest oil production acreage in Alaska.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Catch Us If You Can': Inside the manhunt for a detainee and his alleged prison guard lover'20/20' looks at the 2022 escape of Casey White and guard Vicky White.
Read more »
Exxon-Pioneer deal talks: What Wall St, policymakers have to sayExxon Mobil (XOM.N) is in advanced talks to acquire Pioneer Natural Resources (PXD.N) in a deal that could value the Permian Basin producer at about $60 billion, according to people familiar with the matter.
Read more »
Pioneer shares jump on Exxon mega-merger talksPioneer shares jump on Exxon mega-merger talks
Read more »
Exxon, shale producer Pioneer\u00a0in talks for blockbuster $60B deal: sourcesThe acquisition would be Exxon’s biggest since its $81B deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the US oil patch.
Read more »
These oil stocks are looking cheap as Exxon Mobil reportedly mulls a bid for PioneerMany oil companies may be acquisition targets for industry giants
Read more »