F.T.C. Clears Exxon Mobil’s Acquisition of Pioneer Natural Resources

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The Federal Trade Commission on Thursday approved Exxon Mobil’s acquisition of Pioneer Natural Resources as long as Exxon excludes Pioneer’s chief executive from its board. The $60 billion deal between the two Texas companies, which may become final as early as this week, would produce the dominant oil and gas producer in the Permian Basin, the country’s largest oil field, which is in Texas and New Mexico. Exxon’s purchase of Pioneer is one of several large mergers and acquisitions in the oil and gas industry in recent years. The F.T.C. accused Pioneer’s chief executive, Scott Sheffield, of colluding with officers of the Organization of Petroleum Exporting Countries and its allies to control global oil production and prices. “Mr. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the commission’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”