U.S. regulators gave the go-ahead on Thursday to Exxon Mobil’s $60 billion purchase of Pioneer Natural Resources, but barred Pioneer’s former CEO from Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices.
Former Pioneer CEO Scott Sheffield coordinated efforts with U.S. shale oil producers to constrain their output and raise energy prices, the Federal Trade Commission said.
Widely considered the dean of U.S. shale because of his long tenure and blunt comments on industry output and spending, Sheffield used his influence “to align oil production across the Permian Basin in West Texas and New Mexico with OPEC+,” the FTC claimed.
