The Federal Trade Commission (FTC) is inviting public comments on a petition regarding the Exxon Mobil Corporation’s acquisition of Pioneer Natural Resources. The petition was filed by Scott Sheffield, the founder and former CEO of Pioneer.
The issue stems from a consent order issued by the FTC on January 17, 2025, which includes specific restrictions on Exxon following the acquisition of Pioneer. "Under the final consent order, Exxon is prohibited from nominating, designating, or appointing Sheffield to the Exxon Board of Directors or from having him serve in an advisory capacity in any way to the Exxon board or Exxon’s management." Moreover, for a period of five years, the order restricts Exxon from appointing any Pioneer employee or director, except for certain named individuals, to its board.
Scott Sheffield's petition calls for the complete vacation of this final consent order. The public can submit their comments on the petition until May 12, 2025. The process for filing comments is detailed on the docket, and after submission, they will be available on Regulations.gov. Following the closure of the comment period, the FTC will vote to decide the fate of the petition.
The FTC's role is to promote competition and protect consumers, while maintaining transparency and fairness in its actions. "The FTC will never demand money, make threats, tell you to transfer money, or promise you a prize." For further details on competition benefits and to lodge antitrust complaints, the FTC encourages the public to follow them on social media, subscribe to their press releases, and visit their blog.
