Trending: FTC and Exxon Clear Way for Pioneer Deal

14:23 ET -- Exxon Mobil is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. A consent decree with the U.S. Federal Trade Commission clears the way for the purchase of Pioneer Natural Resources, a stock deal initially valued at about $60 billion. Former Pioneer CEO Scott Sheffield is barred from joining Exxon's board. The FTC alleges he attempted to collude with representatives of the Organization of the Petroleum Exporting Countries to coordinate production and raise oil prices. FTC officials have decided to refer the allegations to the Justice Department, according to people familiar with the matter. Pioneer said the FTC complaint "reflects a fundamental misunderstanding of the U.S. and global oil markets and misreads the nature and intent of Mr. Sheffield's actions." Dow Jones & Co. owns Factiva. (josh.beckerman@wsj.com)

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May 02, 2024 14:38 ET (18:38 GMT)

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