US Senator Warren concerned Exxon’s plan to buy Pioneer will raise costs

WASHINGTON (Reuters) – U.S. Senator Elizabeth Warren, a Democrat on the Senate Banking panel, said on Wednesday she was concerned that Exxon Mobil (NYSE:)’s agreement to buy U.S. rival Pioneer Natural Resources (NYSE:) would raise costs and should be probed by regulators.

“Oil company profiteering hits American consumers right in the wallet — and I’m concerned that Exxon’s massive acquisition will reduce competition and drive up costs. Regulators should closely scrutinize this big oil merger,” Warren said.

The deal, valued at $59.5 billion, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world’s largest oil producer in little more than a decade.