Republican senators push back against FTC scrutiny of oil and gas mergers - report

A group of 38 Republican senators are critical of the Federal Trade Commission's planned scrutiny of oil and gas deals.

Senate Minority Leader Mitch McConnell and 37 Republican senators plan to send a letter to FTC Chair Lina Khan that argues against the Senate Democrats' request for oil and gas antitrust action, according to an Axios Pro report on Wednesday.

"Our Democratic colleagues may be entitled to their own opinions, but a fair and unbiased review of these mergers must be based upon actual facts," the senators wrote in the letter, according to Axios.

The story comes after nearly 50 Democrats in the U.S. Congress earlier this month called on the FTC to open a full investigation into the wave of M&A activity in the oil and gas company industry, arguing the consolidation could hurt competition and lead to higher prices.

The industry went on a $250B buying spree in 2023, including Exxon's (NYSE:XOM) $60B purchase of Pioneer Natural Resources (NYSE:PXD) and Chevron's (CVX) $53B deal for Hess (HES), and so far this year Chesapeake Energy (CHK) agreed to acquire Southwestern Energy (SWN) for $7.4B.