U.S. FTC Probes Hess, Occidental Execs Over OPEC Communication
(Reuters) — The U.S. Federal Trade Commission is probing executives from major oil firms, including Hess Corp., Occidental and Diamondback Energy over their communications with OPEC officials, Bloomberg News reported on Friday, citing people familiar with the matter.
All three companies are pursuing multi-billion dollar deals which are currently under FTC review.
The current investigation of communication with OPEC officials is part of the U.S. antitrust regulator's review, the report said, adding that investigators are looking for evidence of collusion over oil market dynamics.
Earlier this year, FTC barred former Pioneer Natural Resources CEO Scott Sheffield from Exxon's board on allegations that he attempted to collude with OPEC to raise oil prices.
The FTC made the move as it approved Exxon's $60 billion purchase of Pioneer.
Hess, in an emailed statement, said the allegations of improper communications were "baseless and without merit".
Occidental, Diamondback and the FTC did not immediately respond to Reuters requests for comment.
Last month, the U.S. Senate budget committee launched a probe of domestic oil producers, including Exxon and Chevron, about any efforts to illegally coordinate oil prices with the OPEC.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments