Exxon-Pioneer merger: Here's why FTC's Khan may shy from a fight with the '800 pound gorilla.'

Exxon Mobil Corp. XOM, -1.05% is reportedly nearing a deal to buy energy-exploration company Pioneer Natural Resources Co. PXD, +11.06% for $60 billion, a combination that could shake up Texas’ storied and oil-rich Permian Basin.

The president has campaigned on gasoline prices specifically, telling an audience in Maryland last month, “I’m going to get those gas prices down again, I promise you.” Independent oil companies produce roughly 85% of natural gas and 65% of oil in the U.S., he said, and that fact will make it difficult for the Exxon acquisition to meaningfully reduce competition in oil exploration.

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