Scott Sheffield, the founder of Pioneer Natural Resources, has accused ExxonMobil of orchestrating a “smear campaign” to block his appointment to the oil major's board. This accusation comes after the US Federal Trade Commission (FTC) cleared Exxon's $60 billion acquisition of Pioneer on the condition that Sheffield be excluded from the board, citing allegations of his attempts to collude with OPEC and US peers on oil pricing and output.
Sheffield and Pioneer contend that the FTC's allegations misrepresent his actions and demonstrate a “fundamental misunderstanding” of the global oil markets. They argue that his communications were an effort to counter what he described as “predatory practices” by OPEC and Russia, aimed at undermining the US shale industry.
ExxonMobil, while agreeing to the FTC's consent decree and planning to close the acquisition on May 3, stated that the allegations against Sheffield are “entirely inconsistent” with their business practices. The FTC's order not only prevents Sheffield from joining Exxon's board but also bars him from any advisory role and prohibits Exxon from appointing any other Pioneer employee or director to its board for five years. This development was a significant turn for Sheffield, who had envisioned the board seat as a capstone to his career, having led Pioneer for over two decades and been a vocal advocate for the Permian basin shale industry.
