Darren Wood, CEO of Exxon Mobil, speaking on CNBC’s Squawk on the Street on Dec. 7th, 2023.
CNBC
Exxon Mobil CEO Darren Woods on Thursday dismissed worries that the Federal Trade Commission could hold up the oil giant’s acquisition of Pioneer Natural Resources.
“I don’t think there’s any angle that you can look at this potential combination and find any concerns about competition,” Woods told CNBC’s “Squawk on the Street” in an exclusive interview.
Woods said that while the $60 billion deal appears large, the transaction is small in the context of the broader U.S. oil market. He said oil production from the acquisition of Pioneer would amount to less than 5% of the U.S. total.
The FTC sought additional information from Exxon this week on the acquisition. Woods said Exxon will respond as quickly as possible: “We think it’s reasonable to take a look” he said of the FTC probe.
The probe by the antitrust enforcer comes after Senate Majority leader Chuck Schumer, D-NY, and more than 20 of his Democratic colleagues called on the FTC to scrutinize the deal.
The Democratic senators argued Exxon’s acquisition of Pioneer and Chevron’s deal to purchase Hess could lead to higher gas prices for Americans.
This is a developing story. Please check back for updates.
