FTC Eyes Oil Bosses’ Texts for Signs of Collusion With OPEC (2)

The US Federal Trade Commission is investigating whether executives at major oil companies including Hess Corp., Occidental Petroleum Corp. and Diamondback Energy Inc. improperly communicated with OPEC officials.

FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not be named discussing non-public information. Such communications, particularly on pricing and output, could be illegal under US antitrust laws.

The FTC has opened several in-depth merger reviews amid a burst of dealmaking among oil and natural gas companies, particularly among those located in ...