April 5 (Reuters) - Chesapeake Energy ( CHK ) and
Southwestern Energy ( SWN ) said on Friday the closing date of
their proposed $7.4 billion merger has been pushed back to the
second half of the year after receiving a second request for
information from the Federal Trade Commission.
Chesapeake had agreed to buy smaller rival Southwestern
Energy ( SWN ) earlier this year, a deal that will make it the largest
independent U.S. natural gas producer. The deal was earlier
expected to close by the second quarter of 2024.
U.S. lawmakers have sought increased scrutiny by the FTC
over multi-billion dollar deals. Nearly 50 Democrats in the U.S.
Congress in March urged the regulator to probe oil and gas
company deals and expand current investigations to protect
consumers and industry competition.
Exxon Mobil ( XOM ) and Pioneer Natural Resources ( PXD )
received similar requests from the FTC related to their $60
billion merger, along with Chevron ( CVX ) for its buyout of
Hess Corp. ( HES )
Chesapeake and Southwestern said they would cooperate with
the FTC in its review.