FTC Alleges Pioneer CEO Colluded to Boost Oil Prices, Exxon Proceeds with Acquisition

The FTC has accused Pioneer CEO Scott Sheffield of colluding with OPEC to increase oil prices, impacting U.S. households and businesses, despite Exxon's ongoing $65 billion acquisition.

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.