WASHINGTON, Oct 11 (Reuters) – U.S. Senator Elizabeth Warren, a Democrat on the Senate Banking panel, said on Wednesday she was concerned that Exxon Mobil’s (XOM.N) agreement to buy U.S. rival Pioneer Natural Resources (PXD.N) would raise costs and should be probed by regulators.
U.S. Sen. Elizabeth Warren (D-MA) asks questions as U.S. Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on “the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” on the Hill in Washington, U.S., June 13, 2023…. Acquire Licensing Rights
“Oil company profiteering hits American consumers right in the wallet — and I’m concerned that Exxon’s massive acquisition will reduce competition and drive up costs. Regulators should closely scrutinize this big oil merger,” Warren said.
The deal, valued at $59.5 billion, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world’s largest oil producer in little more than a decade.
Reporting by Diane Bartz; writing by Susan Heavey and Costas Pitas; Editing by Caitlin Webber
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