05:36:52 EDT Tue 22 Oct 2024
Enter Symbol
or Name
USA
CA



Exxon Mobil CDR (CAD Hedged)
Symbol XOM
Shares Issued 1,400,000
Close 2024-05-30 C$ 21.46
Market Cap C$ 30,044,000
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Globe/AP say Exxon, rivals hear oil collusion alleged

2024-05-31 08:06 ET - In the News

The Globe and Mail reports in its Friday, May 31, edition that Senate Majority Leader Chuck Schumer and 22 other Democratic senators are calling on the Department of Justice to "use every tool" at its disposal to prevent and prosecute alleged collusion and price-fixing in the oil industry. An Associated Press dispatch to The Globe reports that the Democrats said a recent Federal Trade Commission probe into a high-profile merger uncovered evidence of price-fixing by oil executives. The FTC said Scott Sheffield, the former chief executive officer of Pioneer Natural Resources, colluded with OPEC and OPEC+ to raise crude oil prices. Mr. Sheffield retired from the company in 2016 but returned as CEO in 2019. After retiring again in 2023, he continued to serve on its board. The FTC cleared Exxon Mobil's $60-billion (U.S.) deal to buy Pioneer on May 2 but barred Mr. Sheffield from joining the new company's board. The FTC said collusion by Pioneer and others may have cost the average American household up to $500 (U.S.) for each vehicle in increased annual fuel costs. Democrats are calling for the Justice Department to launch an industry-wide investigation into possible violations of the Sherman Antitrust Act.

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