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AP National

Exxon Mobil deal with Pioneer gets FTC nod, but former Pioneer CEO Scott Sheffield barred from board

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Published 12:35 PM

WASHINGTON (AP) — Exxon Mobil’s $60 billion deal to buy Pioneer Natural Resources has received clearance from the Federal Trade Commission, but the former CEO of Pioneer was barred from joining the new company’s board of directors. The FTC said Thursday that Scott Sheffield colluded with OPEC and OPEC+ to potentially raise crude oil prices. Dallas-based Pioneer said in a statement it disagreed with the allegations but would not impede the merger closing.

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