FTC denies Pioneer founder's petition to reopen Exxon acquisition order

Investing.com - The Federal Trade Commission has denied a petition from Scott Sheffield, founder and former CEO of Pioneer Natural Resources, to reopen and set aside a final consent order related to Exxon Mobil Corporation's (NYSE: XOM) acquisition of Pioneer.

The FTC ruled that Sheffield lacks standing to file such a petition because he is not a party to the final consent order issued in January 2025. According to the Commission, only parties subject to an order can utilize the petition process under Rule 2.51 of the FTC's Rules of Practice.

The final consent order prohibits Exxon from appointing Sheffield to its board of directors or having him serve in any advisory capacity to Exxon's board or management. It also restricts Exxon from appointing any Pioneer employee or director to its board for five years, with certain exceptions.

The order resolved an FTC complaint alleging that Sheffield's proposed appointment to Exxon's board following the acquisition would be anticompetitive. The complaint cited Sheffield's past communications with OPEC representatives regarding oil and gas output, suggesting his board position could increase the likelihood of anticompetitive coordination and harm crude oil competition.

While Sheffield cannot use the formal petition process, the Commission stated it plans to consider his arguments for reopening and vacating the final order under Rule 3.72. The vote denying Sheffield's petition was unanimous at 3-0.

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