U.S. FTC probes Hess, Occidental execs over OPEC communication, Bloomberg reports By Reuters

(Reuters) – The U.S. Federal Trade Commission is investigating executives from major oil companies, including Hess Company U.S. energy companies Occidental Petroleum Corp. (NYSE:O) and Diamondback Energy Inc. (NASDAQ:D) will be investigated over their contacts with OPEC officials, Bloomberg News reported on Friday, citing people familiar with the matter.

The report said that the agency’s investigators are looking for evidence that executives attempted to collude with OPEC officials regarding oil market dynamics.

Earlier this year, the Federal Trade Commission banned the former Leading Natural Resources Exxon (NYSE:) CEO Scott Sheffield was removed from the Exxon (NYSE:) board of directors over allegations that he tried to collude with OPEC to raise oil prices.

The FTC took this step when it approved Exxon’s $60 billion purchase of Pioneer.

Hess and Occidental did not immediately respond to Reuters requests for comment.