FTC Probes XCL Deal as Oil and Gas Antitrust Scrutiny Grows

The US Federal Trade Commission is reviewing oil and gas company XCL Resources’ bid to acquire Utah-based Altamont Energy, amid a wave of consolidation in the oil and gas sector that has already prompted federal antitrust investigations.

The FTC on Thursday said it’s seeking public comment on the proposed deal, per provisions of a settlement requiring Houston-based XCL and its private equity owner EnCap Investments to secure the agency’s approval before buying waxy crude oil producers in northeastern Utah. The agency’s announcement of its review comes just one day after lawmakers urged the FTC to launch a full investigation into ...