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FTC Probes Oil Executives’ Texts for OPEC Collusion

1 year ago
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FTC Probes Oil Executives’ Texts for OPEC Collusion

The U.S. Federal Trade Commission (FTC) is intensifying its scrutiny of the oil and gas sector, focusing on communications between executives at major firms such as Hess Corp., Occidental Petroleum Corp., and Diamondback Energy Inc. The FTC’s investigation seeks to determine if these executives improperly coordinated with OPEC officials, potentially violating U.S. antitrust laws.

Investigators are looking for evidence of collusion, particularly discussions about pricing and oil production levels. Such coordination could lead to higher oil prices and less competitive markets, which is illegal under U.S. law. The FTC’s current focus on these companies is part of a broader investigation into several mergers within the industry, particularly those involving companies operating in the Permian Basin, North America’s most prolific oil field.

Recent developments have heightened the stakes. In May, the FTC uncovered hundreds of texts between Pioneer Natural Resources Co. founder Scott Sheffield and OPEC officials, related to market dynamics. These messages were found during the review of Exxon Mobil Corp.’s $63 billion acquisition of Pioneer. The discovery led to conditions on the deal, including Sheffield’s exclusion from Exxon’s board.

Sheffield has denied any wrongdoing, accusing the FTC of unjustly vilifying him.

Nevertheless, the agency is now rigorously examining executive communications from other companies, searching for similar evidence of collusion.

This investigation coincides with a U.S. Senate budget committee probe into alleged collusion between nearly 20 large oil and gas producers and OPEC. Senator Sheldon Whitehouse, echoing the FTC’s allegations against Sheffield, has claimed that industry executives have been working with OPEC to constrain production and drive up prices. The Senate has demanded that these companies, including BP, Shell, and ConocoPhillips, provide communications with OPEC officials dating back to January 2020.

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Source: mining.com
Via: norvanreports
Tags: FTC Probes Oil Executives' Texts for OPEC Collusionoil executivesOPEC CollusionU.S. Federal Trade Commission (FTC)

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