Republican senators push back against FTC scrutiny of oil and gas mergers - report [Seeking Alpha]
Exxon Mobil Corporation (XOM)
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Senate Minority Leader Mitch McConnell and 37 republican Senators plan to send a letter to FTC Chair Lina Khan that argues against the Senate Democrats' request for oil and gas antitrust action, according to an Axios Pro report on Wednesday. "Our Democratic colleagues may be entitled to their own opinions, but a fair and unbiased review of these mergers must be based upon actual facts," the senators wrote in the letter, according to Axios. The story comes after nearly 50 Democrats in the U.S. Congress earlier this month called on the FTC to open a full investigation into the wave of M&A activity in the oil and gas company industry, arguing the consolidation could hurt competition and lead to higher prices. The industry went on a $250B buying spree in 2023, including Exxon's ( NYSE: XOM ) $60B purchase of Pioneer Natural Resources ( NYSE: PXD ) and Chevron's ( CVX ) $53B deal for Hess ( HES ), and so far this year Chesapeake Energy ( CHK ) agreed to acquire Southwestern Energy (
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XOM
News
- Exxon is working on tech to remove CO2 from atmosphere but a breakthrough is needed to slash costs [MSNBC.com]MSNBC.com
- Why ExxonMobil Stock Dropped on Earnings Friday [Yahoo! Finance]Yahoo! Finance
- Exxon Mobil and Chevron Report Lower Earnings [The New York Times]The New York Times
- Crude awakening: oil price rallies against backdrop of energy company earnings this week [BNN Bloomberg (Canada)]BNN Bloomberg
- Exxon and gas markets tell different stories [Reuters]Reuters
XOM
Earnings
- 4/26/24 - Miss
XOM
Sec Filings
- 4/26/24 - Form 8-K
- 4/22/24 - Form PX14A6G
- 4/18/24 - Form PX14A6G
- XOM's page on the SEC website