The Federal Trade Commission (FTC) finalized a consent order resolving antitrust concerns related to Exxon Mobil Corporation's acquisition of Pioneer Natural Resources. The order prohibits former Pioneer CEO Scott Sheffield from joining Exxon's board or serving in an advisory capacity.
The FTC's action aimed to prevent Sheffield from engaging in collusive activity that could lead to higher prices for fuel. The final order also requires Exxon to adhere to certain Clayton Act Section 8 attestation and reporting obligations for ten years.
This resolution allows the $59.5 billion acquisition, which more than doubled Exxon's Permian Basin footprint, to proceed without further antitrust challenges related to Sheffield's involvement. Exxon expects its Permian production volume to more than double to 1.3 million barrels of oil equivalent per day, rising to 2 million barrels in 2027.
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