07:37:46 EDT Tue 22 Oct 2024
Enter Symbol
or Name
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Exxon Mobil CDR (CAD Hedged)
Symbol XOM
Shares Issued 1,350,000
Close 2024-06-28 C$ 21.71
Market Cap C$ 29,308,500
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Globe/wire say Chevron, rivals in price collusion probe

2024-06-28 07:58 ET - In the News

See In the News (C-CHEV) Chevron CDR (CAD Hedged)

The Globe and Mail reports in its Friday edition that the U.S. Senate budget committee is probing domestic oil producers, including Exxon Mobil, Chevron, ConocoPhillips and 14 others for any efforts to illegally co-ordinate oil prices with OPEC. A Reuters dispatch to The Globe reports that interest among many Democratic lawmakers in possible collusion among oil companies spiked last month after the U.S. Federal Trade Commission barred former Pioneer Natural Resources chief executive officer Scott Sheffield from Exxon's board over allegations he attempted to collude with OPEC to raise oil prices. The FTC made the move as it approved Exxon's $60-billion (U.S.) purchase of Pioneer. Mr. Sheffield has denied the allegations. Senator Sheldon Whitehouse, a Democrat and the chairman of the budget committee, called for the probe of the companies. Mr. Whitehouse said, "Based on recent events involving Pioneer I am concerned about the possibility that oil and gas companies could be engaging in collusive, anti-competitive activities with OPEC+ that would raise crude oil prices, resulting in higher costs not only for American families, but also for the U.S. government when it acquires crude oil for the Strategic Petroleum Reserve."

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