The former CEO of Pioneer Natural Resources is facing allegations of collusion for attempting to coordinate production cuts to lift oil prices.
The former chief executive of Pioneer Natural Resources , Scott Sheffield , is facing allegations of collusion by the Federal Trade Commission, for an attempt to co-ordinate production cuts to lift oil prices , the Wall Street Journal has reported, citing unnamed sources. These say that Sheffield contacted other shale oil producers as well as companies from OPEC to try and coordinate a production policy that would have raised oil prices , thus benefiting Pioneer.
The news of Exxon’s plan to acquire Pioneer Natural Resources broke last October, with the company offering an all-stock tie-up worth some $58 billion. At the time, Exxon said that the proposed transaction “transforms ExxonMobil’s upstream portfolio, more than doubling the company’s Permian footprint and creating an industry-leading, high-quality, high-return undeveloped U.S. unconventional inventory position.
Sheffield FTC Production Production Cuts Oil Prices Shale
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