U.S. Senate Committee on Rules and Administration

12/06/2023 | Press release | Distributed by Public on 12/06/2023 12:17

Klobuchar Statement on FTC Probe Into ExxonMobil–Pioneer Natural Resources Merger

WASHINGTON - U.S. Senator Amy Klobuchar (D-MN) released the following statement in response to the Federal Trade Commission's (FTC) decision to investigate ExxonMobil's acquisition of Pioneer Natural Resources (Pioneer). In October, ExxonMobil announced it would acquire Pioneer for $60 billion. Senator Klobuchar previously joined a letter with Senator Schumer and twenty-one other Senators requesting the FTC to carefully scrutinize the merger.

"When the largest oil-and-gas company in the United States attempts to acquire a significant direct competitor in a deal that would allow it to dominate the country's most prolific oil-producing region, antitrust enforcers must thoroughly scrutinize the merger to protect competition and consumers from higher prices at the pump," said Klobuchar. "The Federal Trade Commission is right to open an in-depth investigation into this merger."