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Oil Companies to Pay Record Civil Penalty for Violating Antitrust Pre-Transaction Notification Requirements

News Competition Sanctions & Fines
Date: 7th Jan, 2025 Source: US Department of Justice (Antitrust Division) Country: USA Original Source

Brief

"On July 26, 2023", the "US Department of Justice (Antitrust Division)" issued an update regarding "Crude Oil Producers to Pay $5.6 Million Civil Penalty for Antitrust Violations". The lawsuit alleges that XCL Resources Holdings LLC, Verdun Oil Company II LLC, and EP Energy LLC violated pre-transaction notification requirements after Verdun's $1.4 billion purchase agreement for EP in 2021, allowing them to assume operational control without a required waiting period.

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US Department of Justice (Antitrust Division)

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