FTC bars former Pioneer CEO in Exxon Mobil deal, saying he colluded with OPEC

The FTC has approved Exxon Mobil's $60 billion acquisition of Pioneer Natural Resources but barred former Pioneer CEO Scott Sheffield from joining the new company's board due to allegations of collusion with OPEC. Sheffield, accused of attempting to manipulate oil production to align with OPEC+, has faced criticism, though Pioneer disputes the FTC's claims. The merger significantly enhances Exxon's footprint in the Permian Basin, promising cost efficiencies through expanded acreage.