Overview

• FTC claims Pioneer CEO Scott Sheffield orchestrated anti-competitive output reductions with U.S. and OPEC oil producers.
• Exxon received FTC clearance to acquire Pioneer but must exclude Sheffield from its board as a condition.
• The FTC will refer the case to the DOJ for potential criminal prosecution, intensifying scrutiny on oil industry practices.
• Sheffield's alleged actions aimed to stabilize oil prices by reducing production, mirroring tactics used by OPEC.
• The controversy arises amid significant consolidation in the oil industry, with Exxon leading with a major acquisition.