EnCap Investments L.P., Verdun Oil Company II LLC, XCL Resources Holdings, LLC, and EP Energy LLC have petitioned the Federal Trade Commission (FTC) to change and remove certain prior approval requirements in a decision made on September 13, 2022. The companies argue that these requirements are unnecessary since they no longer operate in the affected area and claim the regulations negatively impact competition and investment. They also highlight significant changes in the competitive landscape of the Uinta Basin, such as increased production and changes in market participants. The FTC is seeking public comments on this petition until April 30, 2025.
Simple Explanation
EnCap and some other companies asked a big government group called the FTC to change rules that they think are not needed anymore because they don't work in the area affected by these rules. They also think these rules make it hard for businesses to be competitive, and the FTC wants to know what people think about this by the end of April 2025.