Exxon’s blockbuster Pioneer merger needs Biden’s blessing
Oct 8, 2023
Exxon Mobil Corp. needs approval from the Biden administration before it can take over independent oil and gas producer Pioneer Natural Resources Co. in what would be the world’s biggest deal this year. That might not be such an easy task.
The US Federal Trade Commission is expected to give the deal, which could be worth as much as $60 billion, a tough look amid the Biden administration’s crusade to clamp down on gasoline prices that have touched on new highs in recent months. President Joe Biden himself has asked the commission to investigate high gas prices and singled out Exxon’s record profits, which surged to $59 billion last year, accusing the company of making “more money than God.”
