FTC to Approve Exxon's $60B Pioneer Buy, CEO Barred Amid Concessions

May 1, 2024, 07:59 PM

The U.S. Federal Trade Commission (FTC) is poised to approve Exxon Mobil's $60 billion acquisition of Pioneer Natural Resources, with the agreement expected to close this quarter. Exxon CFO Kathy Mikells has stated compliance with the FTC's second request for information as of early April. However, the approval comes with a significant condition: Pioneer CEO Scott Sheffield, who orchestrated the deal, will not be allowed to sit on the board of the combined company following minor concessions. This decision follows concerns over potential price-fixing allegations involving Sheffield.