Exxon Mobil CEO Darren Woods dismissed any possible worries that the Federal Trade Commission (FTC) could hold up the upcoming $60 billion acquisition of Pioneer Natural Resources on Thursday in an exclusive interview with CNBC's "Squawk on the Street."
Woods concluded that even though the deal appears massive, the transaction is, in fact, small, when viewed in the context of the broader US oil market, and that the oil production from the acquisition of Pioneer would amount to less than 5% of the US total.
Senate Majority Leader Chuck Schumer and more than 20 of his Democratic colleagues urged the FTC to look into Exxon's acquisition, fearing that this move would increase American gas prices. Schumer called this deal "anti-competitive" and "harmful" in a Senate speech last month.
