FTC to Approve Exxon's $60 Billion Pioneer Deal with Minor Concessions

May 1, 2024, 09:26 PM

The U.S. Federal Trade Commission (FTC) is poised to approve Exxon Mobil's $60 billion acquisition of Pioneer Natural Resources, following a settlement agreement that includes minor concessions. A notable condition of the approval is that Pioneer's CEO, Scott Sheffield, will not join Exxon's board of directors. This decision comes after the FTC's review, which included a second request for information from Exxon in early April. Exxon's CFO, Kathy Mikells, has expressed confidence that the deal will close within this quarter.