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The FTC approved a $64.5 billion deal between ExxonMobil and Pioneer, but Pioneer executives got involved

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On Thursday Eastern Time, the Federal Trade Commission (FTC) approved ExxonMobil's massive acquisition of Pioneer Natural Resources for $64.5 billion, but prohibited Pioneer founder and former CEO Scott Sheffield from joining ExxonMobil's board of directors.
The FTC accuses Sheffield of colluding in raising oil prices, including sending hundreds of pieces of information on market dynamics, including pricing and production levels, to representatives of the Organization of the Petroleum Exporting Countries (OPEC).
In addition, the FTC stated that Sheffield did not conceal the linking of US oil production to OPEC, and he also urged US oil producers to maintain "self-discipline" in terms of production.
The regulatory agency believes that cooperation between OPEC and US oil producers has led to lower production growth rates than expected in competitive markets, thereby pushing up US energy prices and sacrificing the interests of US households and businesses.
The Pioneer Company founded by Sheffield is the largest oil producer in the Permian Basin of the United States and also the largest pure shale oil producer in the United States. Sheffield officially retired in December last year.
The FTC pointed out that Sheffield is widely regarded as a leader in the US shale oil industry, but he has used his position to collaborate with oil producers and OPEC, limiting its production and raising energy prices, so he should not be on ExxonMobil's board of directors.
"Sheffield's past actions clearly indicate that he should not enter ExxonMobil's board of directors, and American consumers should not pay unfair prices just to fill the wallets of corporate executives," said Kyle Mach, Deputy Director of the FTC Competition Bureau, in a statement
When asked if Sheffield would face criminal charges, an FTC spokesperson replied, "The FTC has a responsibility to report potential criminal behavior and will take this obligation very seriously."
It is reported that the transaction between ExxonMobil and Pioneer will be officially completed on Friday, and ExxonMobil has not faced any allegations of misconduct.
Pioneer responded by stating that it was surprised by FTC's allegations but hoped the transaction could be completed, and stated that former CEO Sheffield's comments on the industry were a "public interest issue" and should not be a reason to strip him of his board seat.
ExxonMobil claims that it will not allow Sheffield to join the board, and FTC's long-term investigation "has not raised any concerns about our business behavior.".
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