Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal

Regulators and Exxon reached an agreement that will bar Pioneer's former CEO Scott Sheffield from joining the Exxon board.

Exxon first announced the deal for Pioneer in October, in an all-stock transaction valued at $59.5 billion.Pioneer Natural Resources The FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, the source said. The agreement will bar Pioneer's former CEO Scott Sheffield from joining the Exxon board.

The push to remove Sheffield was due to concerns about his prior discussions with OPEC, according to the source.for Pioneer in October, in an all-stock transaction valued at $59.5 billion. Exxon said the acquisition would more than double its production in the Permian Basin. "Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge.

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