Exxon Mobil's former CEO Scott Sheffield and Pioneer Natural Resources are hitting the FTC back in a recent statement, claiming the commission fundamentally...
Pioneer claims that the FTC’s complaint against the company’s former CEO fails to understand the basics of global oil markets.Sheffield colluded with state oil ministers and high-ranking individuals from the Organization of the Petroleum Exporting Countries to increase Pioneer’s profits.it was taken aback by the FTC’s complaint against Sheffield and believes that it outlines a lack of comprehension of the national and international oil industry.
He allegedly led the way in attempting to cut oil production, which would have raised oil prices for everyday Americans, according to afrom the FTC. Sheffield used text messaging, WhatsApp messaging, in-person meetings and more to communicate with his colluders, the FTC said.“Mr. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom.
“Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing. As he has for his entire career, Mr. Sheffield is electing to place the interests of investors, employees and the competitive health of the U.S. energy industry ahead of his own.” Sheffield and Pioneer also believe it has the power of the United States Constitution on its side. The company claims his right to express his concerns about oil markets is protected by the First Amendment.“Mr. Sheffield is widely recognized as a leader in the energy industry and is frequently asked to speak publicly and share his observations,” the company said.
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