The U.S. Federal Trade Commission (FTC) today voted 3-0 to reopen and set aside the final consent order regarding ExxonMobil’s acquisition of Pioneer Natural Resources. This action vacates all prior restrictions and concludes the matter without further process.
The decision reverses a previous agreement that resolved antitrust concerns by blocking former Pioneer CEO Scott Sheffield from joining Exxon’s board. Regulators originally feared Sheffield might attempt to coordinate oil output levels.
The FTC stated that setting the order aside serves the public interest, as maintaining the original agreement would damage the agency’s credibility due to identified deficiencies. This move creates a new layer of regulatory oversight for ExxonMobil, a bellwether for the energy sector, and may influence future consolidation reviews.