financetom
Business
financetom
/
Business
/
Consumers demand ex-Pioneer CEO records in shale-oil antitrust lawsuit
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Consumers demand ex-Pioneer CEO records in shale-oil antitrust lawsuit
May 9, 2024 2:34 PM

May 9 (Reuters) - Plaintiffs in an antitrust class

action over oil prices have asked a federal judge in Nevada to

force Pioneer Natural Resources to hand over communications

involving its embattled former CEO Scott Sheffield that it gave

to the U.S. Federal Trade Commission.

The FTC last week approved Exxon Mobil's ( XOM ) $64 billion

purchase of Dallas-based Pioneer, but the agency barred

Sheffield from Exxon's board over allegations that he tried to

collude with OPEC to reduce output of oil and gas in order to

boost his company's profits.

Pioneer is among the defendants in the Nevada case, in which

consumers claim it and other energy companies conspired to curb

output of shale oil, raising prices for retail gasoline and

diesel fuel, marine fuel and residential heating oil.

Pioneer and Sheffield declined to comment on Thursday about

the consumers' demand in the Nevada litigation. The FTC, which

is not a party in the lawsuits, declined to comment. Exxon is

not a defendant in the cases.

The FTC said in its order against Sheffield that "through

public statements, text messages, in-person meetings, WhatsApp

conversations and other communications while at Pioneer,

Sheffield sought to align oil production" in West Texas and New

Mexico with OPEC.

"These documents and materials produced to the FTC are

indisputably relevant and discoverable in this action as they

track the core conspiratorial allegations by the plaintiffs,"

attorneys for the consumers told Chief U.S. District Judge

Miranda Du in Las Vegas.

Pioneer has opposed the request, according to the

plaintiffs. Pioneer is expected to submit a separate filing to

the court.

Pioneer in a statement about Sheffield last week said it was

"neither the intent nor an effect of his communications to

circumvent the laws and principles protecting market

competition."

The FTC's complaint against Sheffield "reflects a

fundamental misunderstanding of the U.S. and global oil markets

and misreads the nature and intent of Mr. Sheffield's actions,"

Pioneer said.

The case is Rosenbaum v. Permian Resources ( PR ), U.S. District

Court, District of Nevada, No. 2:24-cv-00103-MMD-MDC.

For Daniel Rosenbaum: Patrick Coughlin of Scott+Scott

For Pioneer Natural Resources: Samuel Liversidge of Gibson,

Dunn & Crutcher; and Boris Bershteyn of Skadden, Arps, Slate,

Meagher & Flom

Read more:

US oil executive censure puts spotlight on shale-OPEC

meetings

US greenlights Exxon-Pioneer deal, alleges shale founder

colluded with OPEC

Drivers sue US shale oil producers over alleged price-fixing

scheme

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved