Merger Mania: Whispers of Big Bets Below the Scrutiny Line

While giant energy deals dominated headlines recently, like Exxon-Pioneer and Chevron-Hess, a less-noticed trend has emerged: mega-mergers flying under the federal radar due to their size. These stealthy deals, like Oxy's acquisition of CrownRock and the recent Chesapeake-Southwestern Energy union, raise questions about market consolidation and potential antitrust concerns. Though hidden from formal scrutiny, their impact on the energy landscape might be just as significant, worth taking a closer look at their motivations and implications.

• First, ExxonMobil announced its deal with Pioneer Natural Resources, following Chevron’s announcement that it would acquire Hess Corporation.

• Later, Oxy announced their blockbuster acquisition of CrownRock.

• Just before the publication of this article, the news broke that Chesapeake Energy would be merging with Southwestern Energy to create the largest natural gas production in the U.S.

• There has been no evidence of the FTC investigating the Oxy/CrownRock merger, but this merger is of lesser value than the others.