On Apr. 17, 2025, FTC published the Sheffield petition to reopen and set aside order.
After the public comments period has expired and no later than 120 days after date of the filing, FTC will determine whether to reopen the proceeding and modify the order.
Comments on the petition to vacate the final order due on or before May 12, 2025.
On May 2, FTC banned CEO from board seat in Exxon-Pioneer deal.
FTC proposed consent order preventing Pioneer CEO Scott Sheffield from gaining seat on Exxon’s board of directors at Exxon once it acquires Pioneer Natural Resources.
Commission consent order limits the likelihood of coordination in crude oil markets.
Complaint alleged Sheffield attempted to collude with the Organization of Petroleum Exporting Countries (OPEC) to reduce output of oil and gas to inflate company profits.
Allegations
Resolves antitrust concerns re Exxon's $64.5bn acquisition of oil producer Pioneer Natural Resources by approving consent order preventing Sheffield from gaining seat.
Proposed consent order prevents Sheffield from engaging in collusive activity, would potentially raise crude oil prices, leading consumers, businesses to pay higher prices.
Complaint alleged Sheffield attempted to collude with representatives of Organization of petroleum exporting countries (OPEC), related cartel of other oil-producing countries
Would have resulted in Americans paying higher prices, to inflate profits for company.
Exchanged hundreds of text messages with OPEC representatives and officials.
Sheffield’s appointment would have been anticompetitive as he currently serves on the board of The Williams Companies, Inc, which operates a host of natural gas pipelines.
Also, Sheffield’s appointment would facilitate a board interlock among competitors.
For a period of five years, Exxon shall not nominate, designate, or appoint any Pioneer employee or director, other than certain named individuals, to the Exxon board.
For 10 year period, Exxon will agree to Clayton Act Section 8 attestation, reporting.
Consultation
Comments must be submitted within 30 days of publication in the federal register.
May 16, 2024 FTC Fed Reg Proposed Consent
On May 16, 2024, FTC published order in federal register, comments by Jun. 17, 2024.
Apr. 2025 FTC Petition to Vacate Final Order
On Apr. 11, 2025, FTC received petition to vacate final consent order re Exxon Mobil.
Scott Sheffield, founder and former CEO of Pioneer Natural Resources, requested FTC reopen and set aside a final consent order re Exxon Mobil's acquisition of Pioneer.
Under the final consent order, Exxon is prohibited from nominating, designating, or appointing Sheffield to Exxon Board of Directors or having him serve as advisor.
Also, requires certain named individuals to be on Exxon board for period of 5 years.
Comments on the petition to vacate the final order due on or before May 12, 2025.
Apr. 2025 Fed Reg Petition
On Apr. 17, 2025, FTC published the Sheffield petition to reopen and set aside order.
After the public comments period has expired and no later than 120 days after date of the filing, FTC will determine whether to reopen the proceeding and modify the order.
Comments on the petition to vacate the final order due on or before May 12, 2025.
