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Oil & Gas Antitrust Violations

Vinson & Elkins LLP

California Poised to Sharpen Antitrust Enforcement with New Penalties

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California continues to ramp up recent efforts to ferret out anticompetitive conduct in the Golden State through oversight and enforcement. In 2023, the state appointed an antitrust prosecutor to head up its new Division of...more

Jones Day

FTC Imposes Record Fine on Texas Energy Companies for HSR "Gun Jumping"

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During antitrust review between M&A signing and closing, HSR rules restrict an acquiror from beginning to control the target's business....more

Vinson & Elkins LLP

[CLE Hybrid Event] A Year in Review: Discussing Vinson & Elkins’ 2024 Chemicals & Energy Antitrust Report - February 12th,...

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Join us as Darren Tucker and Jason Powers discuss recent antitrust developments in the energy sector and what lies ahead for companies in 2025. Key topics include the incoming Trump administration’s approach to antitrust...more

Faegre Drinker Biddle & Reath LLP

FTC Announces Record $5.6 Million Gun-Jumping Fine and Reminds Parties of Perils of Prematurely Transferring Beneficial Ownership...

On January 7, 2025, the Federal Trade Commission (FTC) announced a proposed settlement for crude oil producers XCL Resource Holdings, LLC; Verdun Oil Company; and EP Energy LLC to pay a record-breaking $5.6 million civil...more

A&O Shearman

FTC secures record USD5.68 million gun-jumping penalty

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On January 7, 2025, the U.S. Federal Trade Commission announced a record USD5.68m civil penalty to settle alleged pre-merger coordination in violation of the HSR Act. This settlement is the largest dollar penalty that has...more

Venable LLP

DOJ Settles Claims of Illegal Pre-Merger Coordination Against Crude Oil Companies with Record $5.6 Million Gun Jumping Penalty

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On January 7, 2025, the U.S. Department of Justice (DOJ) filed suit against three Texas-based crude oil companies—XCL Resources Holdings, LLC (XCL), Verdun Oil Company II, LLC (Verdun), and EP Energy LLC (EP)—alleging...more

WilmerHale

FTC Reminds Merging Parties: Don’t Jump the Gun During the HSR Waiting Period!

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Three crude oil producers have agreed to pay civil penalties totaling $5.7 million to settle allegations that they engaged in “gun jumping,” namely, allowing the acquirer to exercise control over the target’s business conduct...more

Mayer Brown

M&A Antitrust Alert: FTC Imposes Significant Gun-Jumping Penalty for Unlawful Pre-Merger Coordination Among Crude Oil Producers

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M&A practitioners have long regarded the integration planning and execution process as one of the keys to a successful M&A transaction. However, in deals subject to pre-merger antitrust clearance, it is critical to navigate...more

BCLP

FTC Secures Record-Breaking Gun-Jumping Fine, Opines on Buyer’s Right to Approve Transactions and Lack of Diligence Controls

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The Federal Trade Commission (“FTC”) sent a firm message—unlawful coordination of merging businesses prior to the closing under the Hart-Scott-Rodino Antitrust Improvements (“HSR”) Act will be aggressively enforced. On...more

DLA Piper

FTC Assesses Record Fine for Gun-Jumping Antitrust Violation

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The Federal Trade Commission (FTC) announced, on January 7, 2025, that crude oil producers agreed to pay a record $5.6 million fine as settlement for violating the Hart-Scott-Rodino Act (HSR Act) through illegal pre-merger...more

Snell & Wilmer

FTC Imposes Rarely Seen “Gun-Jumping” Penalty to the Tune of $5.6 Million

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The Federal Trade Commission (FTC) rang in the new year this week by announcing that three crude oil producers had agreed to pay a $5.6 million fine to settle claims that they engaged in unlawful “gun-jumping” by prematurely...more

Ballard Spahr LLP

Record $5.6 Million Penalty for 'Gun-Jumping' Violation

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The Federal Trade Commission (FTC) announced a record $5.6 million civil penalty to settle allegations that three crude oil producers engaged in “gun-jumping” activities that violated the Hart-Scott-Rodino (HSR) Act....more

Seyfarth Shaw LLP

Record “Gun-Jumping” Fine Serves As Cautionary Tale For Need To Avoid Unlawful Premerger Coordination

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On January 7, 2025, the Federal Trade Commission (FTC) announced a settlement with three crude oil producers in which those companies will pay a $5.6 million fine to resolve claims they engaged in unlawful premerger...more

Cozen O'Connor

Gasoline Trading Firms to Pay $50 Million to Settle California Market Manipulation Claims

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California AG Rob Bonta secured a $50 million settlement with two gasoline trading firms—Vitol Inc., and SK Energy Americas, Inc. and a related entity (collectively, “SK”)—to resolve allegations that the companies violated...more

Troutman Pepper Locke

California AG Settles With Oil Companies

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California Attorney General (AG) Rob Bonta announced a $50 million settlement with Vitol, Inc. (Vitol) and SK Energy Americas Inc. along with its parent company SK Trading International (collectively SK), to resolve a lawsuit...more

Foley & Lardner LLP

Members of Congress Call for DOJ to Investigate Possible Antitrust Violations in Oil Industry

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On May 30, 23 Senators signed a letter to the Attorney General, calling on the U.S. Department of Justice’s (DOJ) Antitrust Division to “use every tool” to investigate the oil industry for potential violations of the Sherman...more

Cozen O'Connor

The State AG Report - Volume 7, Issue 28

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Here are last week’s curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: - Google Play Store Targeted in Multistate...more

Robins Kaplan LLP

Financial Daily Dose 10.21.2020 | Top Story: DOJ Files Long-Awaited Antitrust Case Against Google Focusing on Exclusive Search...

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The Google antitrust waiting game wrapped on Tuesday with the DOJ filing a federal D.C.-based lawsuit against the Alphabet unit, accusing the company “of using several exclusive business contacts and agreements to lock out...more

Robins Kaplan LLP

Financial Daily Dose 9.22.2020 | Top Story: Microsoft Drops $7.5B on Gaming Acquisition to Challenge Rival Sony

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Microsoft made a huge gaming move on Monday with its $7.5 billion acquisition of ZeniMax Media, the “parent company of gaming studios like Bethesda,” and maker of titles like “The Elder Scrolls, Fallout, Doom, Quake and...more

Troutman Pepper Locke

First Circuit Affirms that Complaints About Gas Pipeline Capacity Hoarding in New England Are Barred by Filed Rate Doctrine,...

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On September 9, 2020, the United States Court of Appeals for the First Circuit (“First Circuit”) affirmed the United States District Court for the District of Massachusetts (“District Court”) dismissal of a lawsuit alleging...more

Robins Kaplan LLP

Financial Daily Dose 9.14.2020 | Top Story: Oracle Bests Microsoft In Pursuit of TikTok

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If not immune to surprise at this point in 2020, that might be the appropriate feeling at the apparent emergence of late-stage suitor Oracle as the winner of the TikTok sweepstakes. Though terms between ByteDance and Oracle...more

Robins Kaplan LLP

Financial Daily Dose 7.31.2020 | Top Story: Amazon a Juggernaut?

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Amazon a juggernaut? Quarterly sales and profit prove how indispensable tech giants have become to our society. In the midst of a pandemic, Big Tech mostly shows gains....more

Robins Kaplan LLP

Financial Daily Dose 7.13.2020 | Top Story: OPEC Weighs Expanded Oil Production Just Months After Agreeing on Cuts

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OPEC and its oil-producing allies (in Russia and elsewhere) are reportedly working on a plan to ease cuts on oil production they agreed upon in April “amid signs that demand is returning to normal levels following...more

Robins Kaplan LLP

Financial Daily Dose 2.4.2020 | Top Story: Tesla Stock Hits New Highs on Reports From Battery Partners

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It’s all coming up Elon these days for Tesla and its stock. “Positive developments” from the electric carmaker’s battery suppliers helped goose shares even higher, ending the day at $780/share—a nearly 20% gain since Friday....more

Robins Kaplan LLP

Financial Daily Dose 11.16.2019 | Top Story: Aramco Seeks Valuation of $1.7B, Well below Original Goal

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Saudi Aramco’s slow trickle of IPO-related information continued this weekend, including its goal of setting overall company market value at a staggering $1.7 trillion. The figure, though massive, is still well short of the...more

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