The United States Department of Justice filed a complaint against XCL Resources Holdings, Verdun Oil Company II, and EP Energy, alleging that they violated the Hart-Scott-Rodino Act by assuming control over EP Energy before completing the required regulatory waiting period. They were accused of illegal coordination, including halting drilling activities and sharing sensitive information, which caused supply shortages and market disruptions. To resolve these allegations, the companies agreed to pay a civil penalty totaling over $5.6 million and implement compliance measures to prevent future violations. The court will oversee the agreement to ensure it aligns with public interest standards.
Simple Explanation
The U.S. government said three companies did something wrong by working together before they were supposed to, which made it harder for people to get what they needed. To fix this, the companies will pay a big fine and promise to follow the rules better next time.