The Federal Trade Commission has cleared the way for Exxon Mobil’s $60 billion dollar purchase of Pioneer Natural Resources as soon as Friday.
There are conditions – and one is that former Pioneer CEO Scott Sheffield won’t be named to Exxon’s board of directors. Sheffield has been accused of colluding with OPEC to drive oil prices higher by limiting US shale oil production, according to a report by CNN.
The FTC approval allows Exxon to switch its focus to its dispute with business rival Chevron over a transaction to acquire Hess Corporation.
Approval for the Exxon purchase of Pioneer is seen as an indicator other energy mergers will be able to move forward.
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