FTC Probes Oil Executives' Texts for OPEC Collusion

The FTC's investigation seeks to determine if these executives improperly coordinated with OPEC officials, potentially violating U.S. antitrust laws.

The U.S. Federal Trade Commission FTC is intensifying its scrutiny of the oil and gas sector, focusing on communications between executives at major firms such as Hess Corp., Occidental Petroleum Corp., and Diamondback Energy Inc. The FTC 's investigation seeks to determine if these executives improperly coordinated with OPEC officials, potentially violating U.S. antitrust laws.

founder Scott Sheffield and OPEC officials, related to market dynamics. These messages were found during the review of Exxon Mobil Corp.'s $63 billion acquisition of Pioneer. The discovery led to conditions on the deal, including Sheffield's exclusion from Exxon's board. Sheffield has denied any wrongdoing, accusing the FTC of unjustly vilifying him.

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