Exxon Set to Win FTC Approval for Pioneer Deal on Settlement

-- The US Federal Trade Commission is poised to greenlight Exxon Mobil Corp.’s $60 billion purchase of Pioneer Natural Resources Co. after the companies agreed that Pioneer’s co-founder and former chief executive officer won’t join the board, according to people familiar with the matter.Treasuries Rally With Fed Not as Hawkish as Feared: Markets Wrap

Sheffield was a leading advocate of government-mandated rationing of Texas oil production during the early-2020 crude market collapse that saw prices plunge into negative territory. His efforts to convince the Texas Railroad Commission that oversees that state’s oil industry to impose output caps for the first time in decades was ultimately unsuccessful.

The Biden administration has frequently been at odds with the oil industry, but easing through what many executives see as necessary consolidation is likely to improve relations. With domestic crude prices up roughly 14% this year and tensions rising the Middle East, the administration is vulnerable to Republican attacks on measures that hurt the oil industry and raise fuel prices.

Exxon Mobil US Federal Trade Commission Scott Sheffield Pioneer Natural Resources Oil Industry Permian Basin Texas Railroad Commission

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