Pioneer Natural Resource Co.

PXD

Market cap $63B

ExxonMobil XOM this week received clearance from the Federal Trade Commission to complete its $65 billion acquisition of Pioneer Natural Resources PXD.

Pioneer Natural Resources on Thursday reported a lower first-quarter profit, weighed down by higher production costs and weak natural gas prices.

U.S. regulators on Thursday gave the go-ahead 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.

FTC accuses ex-Pioneer CEO of colluding with OPEC, blocks him from Exxon board seat

The Federal Trade Commission (FTC) has barred Scott Sheffield, the founder and former chief executive of Pioneer Natural Resources, from taking a seat on Exxon's board of directors following Exxon's pending $64.5 billion acquisition of the group. It aims to prevent any potential for collusive behavior that could adversely affect crude oil market prices.

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today issued the following statement in response to the decision by the U.S. Federal Trade Commission ("FTC") to clear the proposed merger with Exxon Mobil Corporation (NYSE: XOM) ("ExxonMobil") subject to a Consent Order based on allegations in a settlement Complaint directed at Mr. Sheffield: We disagree and are surprised by the FTC's Complaint saying that Mr. Sheffield's record and statements o.

The Federal Trade Commission said on Thursday it prevented former Pioneer Natural Resources CEO Scott Sheffield from serving on Exxon Mobil's board of directors as it resolves antitrust concerns about Exxon's bid to buy the top shale oil producer.

The Federal Trade Commission is set to approve ExxonMobil's $60 billion takeover of Pioneer Natural Resources, according to multiple outlets, though the deal can reportedly only close if former Pioneer CEO Scott Sheffield, who faces allegations of engaging in activity to raise gas prices, is barred from the combined company's board of directors.

Antitrust enforcers are set to allege former Pioneer CEO Scott Sheffield discussed coordinating oil-production levels with other producers and OPEC.

Exxon Mobil Corp.'s XOM, -1.89% $60 billion takeover of Pioneer Natural Resources is set to be cleared by U.S. regulators, according to reports Wednesday, but there's a twist involving the latter's chief executive.