{"id":41348,"date":"2024-05-02T19:10:00","date_gmt":"2024-05-02T19:10:00","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/02\/f-t-c-clears-exxon-mobils-acquisition-of-pioneer-natural-resources\/"},"modified":"2024-05-02T19:10:00","modified_gmt":"2024-05-02T19:10:00","slug":"f-t-c-clears-exxon-mobils-acquisition-of-pioneer-natural-resources","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/02\/f-t-c-clears-exxon-mobils-acquisition-of-pioneer-natural-resources\/","title":{"rendered":"F.T.C. Clears Exxon Mobil\u2019s Acquisition of Pioneer Natural Resources"},"content":{"rendered":"
\"F.T.C.<\/div>


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The Federal Trade Commission on Thursday approved Exxon Mobil\u2019s acquisition of Pioneer Natural Resources as long as Exxon excludes Pioneer\u2019s chief executive from its board.<\/p>\n

The $60 billion deal between the two Texas companies, which may be finalized as early as this week, would produce the dominant oil and gas producer in the Permian Basin, the country\u2019s largest oil field, which is in Texas and New Mexico. Exxon\u2019s purchase of Pioneer is one of several large mergers and acquisitions in the oil and gas industry in recent years.<\/p>\n

The F.T.C. accused Pioneer\u2019s chief executive, Scott Sheffield, of colluding with officers of the Organization of Petroleum Exporting Countries and its allies to control global oil production and prices.<\/p>\n

\u201cMr. Sheffield\u2019s past conduct makes it crystal clear that he should be nowhere near Exxon\u2019s boardroom,\u201d Kyle Mach, deputy director of the commission\u2019s Bureau of Competition, said in a statement. \u201cAmerican consumers shouldn\u2019t pay unfair prices at the pump simply to pad a corporate executive\u2019s pocketbook.\u201d<\/p>\n<\/div>\n