The US Senate Budget Committee is investigating whether several oil companies in the United States illegally coordinate oil prices with the oil group. The investigated oil companies include ExxonMobil (XOM.US), Chevron (CVX.US), ConocoPhillips (COP.US), and another 14 companies.
Previously, the US Federal Trade Commission (FTC) approved ExxonMobil's $60 billion acquisition of Pioneer Natural Resources (PXD.US), but prohibited Pioneer CEO Scott Sheffield from joining ExxonMobil's board of directors, accusing him of attempting to collude with OPEC to raise oil prices.