The Federal Trade Commission (FTC) reopened and set aside the final consent order regarding Exxon Mobil’s $64.5 billion acquisition of Pioneer Natural Resources. This decision revisits the terms of the landmark merger that established a dominant producer in the Permian Basin.
The original order barred Pioneer founder and former CEO Scott Sheffield from Exxon’s board to prevent potential oil production collusion. Setting aside this order introduces fresh uncertainty for the already concluded transaction.
This action signals a more aggressive regulatory stance on large-scale energy consolidation. The move questions the finality of approved deals and may chill future oil and gas M&A activity.