News Formal

Pioneer Natural Resources co-founder will be barred from board in deal for Exxon merger

  • 📰 dallasnews
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 71%

Business News News

Business Business Latest News,Business Business Headlines

The US Federal Trade Commission is poised to greenlight Exxon Mobil’s $60 billion purchase of Irving-based Pioneer Natural Resources after the companies...

The FTC reportedly found evident that ex-CEO Scott Sheffield tried to communicate with OPEC about oil prices and output.

The FTC found evidence that Scott Sheffield sought to communicate with the Organization of the Petroleum Exporting Countries and others about oil pricing and output, according to one of the people, who asked not to be named because the information isn’t public.An announcement may come within days, the people said. The deal will make Exxon far and away the biggest oil and natural gas producer in the Permian Basin, North America’s largest US oil field.

Last month, Pioneer was among several oil companies named as defendants in a federal civil lawsuit in New Mexico that says the drillers colluded with OPEC to coordinate crude output. Sheffield, while not a defendant in the case, is named in the lawsuit.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 18. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining marginsExxon Mobil first-quarter earnings missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.
Source: CNBC - 🏆 12. / 72 Read more »

Exxon earnings miss, hit by lower natural gas prices and squeezed refining marginsExxon Mobil first-quarter earnings missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.
Source: NBCDFW - 🏆 288. / 63 Read more »