HOUSTON (Reuters) – The U.S. Federal Trade Commission (FTC) could release its decision on its antitrust probe in the coming days. Exxon Mobil (NYSE:) acquired the company for $60 billion Natural Resources Pioneer (New York Stock Exchange:).
Last week, Exxon said it had responded to a second Federal Trade Commission request for information and had received no indication of antitrust problems. The agency has 30 days to make a decision following the response, which is expected to begin in early April.
Exxon CEO Darren Woods said Friday that the company provided a wealth of “material of documents, contracts, production and sales articles.”
“We are absolutely confident that there are no antitrust issues,” he told analysts on a financial conference call.
The Federal Trade Commission’s 30-day review period likely began in early April, said Bob Brackett, an analyst at investment firm Bernstein. “Few obstacles remain in the way of an early closure of the second quarter.”
An Exxon spokesman said Wednesday: “We continue to work constructively with the Federal Trade Commission as they conduct a very thorough review.”
The Federal Trade Commission has stepped up its scrutiny of oil and gas deals and issued a second inquiry to both companies last year. The regulator also requested additional information from Chevron (NYSE:), Diamondback (NASDAQ:) Energy, Occidental Petroleum (NYSE:) and Chesapeake Energy (NYSE:) in connection with their acquisitions of competitors.
Antitrust experts said in October that despite the size of the proposed Exxon-Pioneer deal, it would be difficult for the Federal Trade Commission to stop it because it is a merger of manufacturers, not refiners or retailers.
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