Exxon to Bar Pioneer CEO From its Board in Deal with FTC

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 about Exxon’s bid to buy the top shale oil producer.

“Mr. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” said Kyle Mach, Deputy Director of the FTC’s Bureau of Competition.

The shale executive, widely viewed as the dean of U.S. shale because of his long role in the business and blunt comments on the industry, had used his position “to align oil production across the Permian Basin in West Texas and New Mexico with OPEC+,” the FTC claimed.