For Your Information
FTC Seeks Public Comment on Petition to Modify Exxon-Pioneer Final Order
The Federal Trade Commission seeks public comment on a petition filed by Scott Sheffield, the founder and former CEO of Pioneer Natural Resources, requesting that the Commission reopen and set aside a final consent order involving Exxon Mobil Corporation’s acquisition of Pioneer.
On January 17, 2025, the FTC entered into a consent order concerning Exxon’s 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. In addition, the final consent order requires that for a period of five years, Exxon shall not nominate, designate, or appoint any Pioneer employee or director, other than certain named individuals, to the Exxon board. The final consent order was issued in January 2025.
In the petition, Sheffield requests that the Commission set aside and vacate the final order in its entirety.
The public will have 30 days, until May 12, 2025, to submit comments on the petition to set aside the consent order. Instructions for filing comments appear on the docket. Once processed, they will be posted on Regulations.gov. After the comment period closes, the Commission will vote to determine how to resolve the petition.
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