The Federal Trade Commission (FTC) has announced that crude oil producers XCL Resources Holdings, LLC, Verdun Oil Company II LLC, and EP Energy LLC, will pay a record $5.6m civil penalty to settle allegations they engaged in illegal pre-merger coordination, known as gun jumping, in violation of the Hart-Scott-Rodino Act
Oil companies to pay record FTC gun-jumping fine for antitrust law violation
Companies must pay $5.6m for unlawful coordination that led to a crude oil supply shortage for one of the firms – right when the US was facing supply shortages.