Exxon’s $64 billion takeover of Pioneer Resources is one of a half-dozen Permian Basin mergers under review at the agency.
Scott Sheffield, Pioneer’s founder, had been expected to take a seat on Exxon’s board of directors following completion of the merger. | Mark Humphrey/APAn oil executive embroiled in a price-fixing lawsuit is expected to be barred from serving on ExxonMobil’s board when the energy giant buys the Texas-based petroleum producer Pioneer Resources, according to three people with direct knowledge of the matter.
The Federal Trade Commission is set to greenlight the $64 billion deal, despite antitrust concerns — but on the condition that Scott Sheffield, Pioneer’s founder, two-time former CEO and current board member, not serve as planned on Exxon’s board, the people said. The FTC alleges that Sheffield exchanged hundreds of messages with OPEC officials discussing oil output and prices, one of the people said. While OPEC participants have antitrust immunity as sovereign entities, U.S. firms do not. The FTC also has competition concerns about Sheffield’s position on the board of Williams Companies, which is primarily focused on oil and gas transportation, that person said.
Any solid evidence of energy price-fixing would be politically explosive, potentially undermining Republicans’ accusations that President Joe Biden’s energy policies have saddled motorists with rising fuel costs. But Pioneer and other companies named in the suit, including Diamondback Energy and Hess Corp., haveThe FTC is expected to announce its decision on the deal as soon as this week, though details of the allegations are typically redacted in court filings.
Sheffield had been expected to take a seat on Exxon’s board of directors following completion of the merger, according to a
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