The U.S. Federal Trade Commission on Thursday declined to challenge Exxon Mobil Corp. s $60 billion purchase of Pioneer Natural Resources Co. but asserted that Scott Sheffield, Pioneer s co-founder, must not take a seat on Exxon s board.
The FTC’s consent order prevents former Pioneer Natural Resources CEO Scott Sheffield from taking an offered seat on Exxon Mobil’s board of directors to resolve antitrust concerns
Scott Sheffield, the founder and longtime CEO of Texas oil producer Pioneer Natural Resources, attempted to collude with OPEC and its allies to inflate oil prices, federal regulators alleged Thursday.