(Reuters) – The U.S. Federal Trade Commission is investigating executives at major oil companies, including Hess Corporation (NYSE:), Occidental (NYSE:) and Diamondback (NASDAQ:) Energy over their communications with OPEC officials, Bloomberg News reported Friday, citing people familiar with the matter.
All three companies are engaged in multi-million dollar settlements that are currently under review by the FTC.
The ongoing investigation into communications with OPEC officials is part of a review by the U.S. antitrust regulator, the report said, adding that investigators are looking for evidence of collusion over oil market dynamics.
Earlier this year, the FTC banned former Pioneering natural resources (NYSE:) Chief Executive Officer Scott Sheffield removed Exxon (NYSE:) from the board over allegations that he tried to collude with OPEC to boost oil prices.
The FTC made the decision when it approved Exxon's $60 billion purchase of Pioneer.
Hess, in an emailed statement, said the allegations of inappropriate communications were “baseless and without merit.”
Occidental, Diamondback and the FTC did not immediately respond to Reuters' requests for comment.
Last month, the US Senate budget committee launched an investigation into domestic oil producers, including Exxon and Chevron (NYSE:), over any attempt to illegally coordinate oil prices with OPEC.
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