Exxon Mobil Set To Close $60B Deal For Pioneer Natural Resources After Agreement With FTC

Exxon Mobil Corp (NYSE:XOM) is preparing to close a $60 billion deal for Pioneer Natural Resources Co (NYSE:PXD) in the coming days after agreeing not to add Pioneer CEO Scott Sheffield to the company’s board of directors.

The Details: According to a report from the Wall Street Journal, the Federal Trade Commission will allege Sheffield has engaged in collusive activity which may have affected the price of oil.

The allegations reportedly will include Sheffield sending hundreds of messages to representatives of the Organization of the Petroleum Exporting Countries (OPEC) about oil pricing and production levels, according to people familiar with the matter.

According to the sources, there are no allegations of wrongdoing by Exxon Mobil.

Related News: PG&E Nears Deal To Sell Stake To KKR

XOM, PXD Price Action: According to data from Benzinga Pro, Exxon Mobil shares closed down 1.89% at $116.03 and Pioneer Natural Resources shares closed down 0.65% at $267.66 on Wednesday.

Photo: Del Henderson Jr. via Shutterstock