Exxon to bar Pioneer CEO from its board in deal with FTC, WSJ reports-June 2024-www.financetom.com

Exxon to bar Pioneer CEO from its board in deal with FTC, WSJ reports

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Exxon to bar Pioneer CEO from its board in deal with FTC, WSJ reports

May 1, 2024 1:43 PM

May 1 (Reuters) - Exxon Mobil ( XOM ) is set to close

its $60 billion deal for Pioneer Natural Resources ( PXD )

following an agreement with antitrust enforcers to not add

Pioneer CEO Scott Sheffield to its board, the Wall Street

Journal reported on Wednesday, citing people familiar with the

matter.

The Federal Trade Commission is set to allege as soon as

Wednesday that Sheffield engaged in collusive activity that

could have raised the price of oil, according to the report.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil

D'Silva)

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