Exxon Mobil and Chevron held merger talks last year, according to a new report.
|XOM||EXXON MOBIL CORP.||94.54||+0.68||+0.72%|
Exxon Mobil CEO Darren Woods and Chevron chief executive Mike Wirth, spoke at the height of the pandemic last year, the Wall Street Journal reported. The backlash of the coronavirus sent world oil prices into freefall, briefly turning negative for the first time in history.
|USO||UNITED STATES OIL FUND L.P.||81.96||-0.01||-0.01%|
While talks did not materialize, the potential for further developments could happen, the WSJ reported.
Any deal would be one of the largest mergers in corporate history, with the value of the combined companies topping $350 billion.
Lawmakers have already started to protest any potential deal, with Sen. Amy Klobuchar, D-Minn., saying she is "concerned" over the reports.
"There are news reports that Exxon Mobil and Chevron--two parts of the old Standard Oil monopoly--have considered joining forces again," she said. "I am very concerned about reports of further consolidation in the energy industry and the harm it could inflict on consumers and competing businesses."
Chevron declined FOX Business' request for comment on the talks.