Outcome could make or break one of the largest mergers in a decade
US Rep. Ed Markey (D., Mass.) will lead tomorrow’s US House panel hearing that will determine the outcome of the proposed merger between XTO Energy Inc. and Exxon Mobil Corp.
The hearing will take place at 9:30 a.m. EST and is slated to include testimony by Exxon chief executive Rex Tillerson and XTO chairman Bob Simpson.
It is expected that both will comment on hydraulic fracturing, the controversial drilling technique that lies at the heart of the proposed transaction. Those opposed to the technique say it could potentially pollute drinking water, while the industry continues to attest to its safety.
Because the future of fracturing is uncertain—some lawmakers would like to see more oversight the practice—Exxon holds the right to terminate the agreement should Congress deem the practice "commercially impracticable."
