(Oil & Gas 360) – The proposed $50 billion+ merger between Hess and Chevron is attracting the Federal Trade Commission’s (FTC) attention. John Hess, CEO of the Hess Oil Company, is the latest oil and gas CEO to face Federal Trade Commission allegations involving what it contends were improper communications with the Organization of Petroleum Exporting Countries (OPEC). The FTC contends
(World Oil) – U.S. regulators will allow Chevron to move forward with its $53 billion acquisition of Hess but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC. The U.S. Federal Trade Commission said in a statement Monday that Hess communicated with members of the group and its allies, encouraging them
World Oil (Bloomberg) – The U.S. Federal Trade Commission is investigating whether executives at major oil companies including Hess Corp., Occidental Petroleum Corp. and Diamondback Energy Inc. improperly communicated with OPEC officials. FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not
World Oil (Bloomberg) – A U.S. Senate committee is investigating whether oil producers are illegally coordinating with OPEC to raise prices, following allegations that the former head of Pioneer Natural Resources Co. colluded with the group. The probe is being led by Budget Committee Chairman Sheldon Whitehouse, an industry foe. He has requested documents from 18 oil companies — including
World Oil (Bloomberg) — The Federal Trade Commission’s allegations that shale trailblazer Scott Sheffield tried to collude with OPEC to prop up crude prices is unnerving U.S. oil executives pursuing more than $100 billion in deals. While Thursday’s green light from the FTC for Exxon Mobil Corp.’s $60 billion takeover of Pioneer Natural Resources Co. provided some relief to an
World Oil (Bloomberg) – Chesapeake Energy Corp.’s $7.4 billion takeover of Southwestern Energy Co. has been delayed until the second half of the year after antitrust regulators demanded more details from the natural gas operators. The transaction, which aims to create the largest U.S. natural gas driller, originally envisioned closing no later than the end of June. But a Federal
Nasdaq Rewrites throughout to add discussion of higher prices, adds quote and other signatories in paragraphs 3-4, Exxon comment in paragraphs 8-9. U.S. Senate Majority Leader Charles Schumer and 22 other Democratic senators wrote to the U.S. Federal Trade Commission on Wednesday, saying multi-billion dollar acquisitions by oil and gas giants Exxon Mobil XOM.N and Chevron CVX.Ncould lead to higher prices for
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