The Federal Trade Commission is investigating Chevron's acquisition of Hess oil company, the second inquiry the independent agency has opened this week of a major oil industry merger. Chevron and Hess said in separate filings that the FTC is seeking additional information and documentary materials related to Chevron's proposed $53 billion purchase of Hess, announced in October. The statements Friday follow an announcement earlier this week that the FTC is reviewing ExxonMobil's proposed $60 billion acquisition of Pioneer Natural Resources. Such requests for information are steps the agency takes when reviewing whether a merger could be anticompetitive under U.S. law.
Energy stocks have slumped again. Time to buy or is it a trap?
Zacks.com users have recently been watching Exxon (XOM) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.