FTC probing Exxon’s $60B Pioneer takeover
The Federal Trade Commission is investigating Exxon Mobil’s plan to buy Pioneer Natural Resources, the largest oil and gas deal in years, according to a regulatory filing from Pioneer.
The FTC asked the companies on Monday for more information on the $59.5 billion acquisition, a discretionary step it takes if it has concerns the deal is anticompetitive under U.S. law. Pioneer disclosed the investigation Tuesday.
Related Knowledge Center: ENERGY BASICS: fossil fuels
Fossil fuels — coal, oil and natural gas, primarily — remain the dominant energy sources for much of the world, with their accompanying infrastructure of mines, drilling and production wells, pipelines and various forms of transportation. But they have become more problematic as governments struggle to address climate change and pivot to energy sources that do not result in carbon dioxide emissions.