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

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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.

 

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