- At Thailand dive expo, fears for coral's future
- Saudi crown prince seeks soft power in game hub Japan
- 'We had a great time': Klopp prepares for Anfield farewell
- 'Couldn't agree on terms': Tuchel confirms Bayern exit
- Paul McCartney becomes UK's first billionaire musician
- Energy transition risks critical mineral shortage: IEA
- 'Fight of the century': Fury, Usyk in rare undisputed clash
- Hurricanes survive fightback to regain Super Rugby top spot
- 'Balaclavas and big sticks': New Caledonia tourists trapped by riots
- Thiago, Matip to leave Liverpool at end of season
- Israel says S.Africa 'genocide' case at UN court 'totally divorced' from facts
- Gaza fighting rages after Israel vows to intensify Rafah offensive
- Hong Kong, Shanghai stand out in Asia on China property support
- IEA warns of key energy mineral shortage risk
- Israel says S.Africa 'genocide' case 'totally divorced' from facts
- Defender Matip to leave Liverpool at end of season
- Musk confirms Twitter has become X.com
- Gomes eyes becoming first Portuguese coach to win CAF Cup
- Crisis-ridden Boeing prepares for turbulence at annual meeting
- Hong Kong, Shanghai stand out in Asia after China property move
- Coppola faces press after epic 'Megalopolis' splits Cannes
- China offers to buy up commercial housing to boost property market
- US military says first aid delivered to Gaza via temporary pier
- Muslim professionals quit 'hostile' France in silent brain drain
- China cuts rates, could buy up commercial housing to boost property market
- Costner, Gere, Demi Moore: Hollywood icons on Cannes comeback trail
- Brazil to host 2027 Women's World Cup as Gaza overshadows FIFA meeting
- Palestinians call for Israeli ban as Gaza war spills into football
- Crisis-ridden Boeing hopes for quiet annual meeting
- Vienna Festival director Milo Rau hits back at anti-Semitism accusations
- China says could buy up commercial housing to boost property market
- Rapidus 'last opportunity' to put Japan back on global chip map
- Despite Western pressure, China in no hurry to reduce Russia support
- For sale: unique piece of land in strategic Arctic archipelago
- La Rochelle in the spotlight as tight Top 14 run-in commences
- Three key issues to watch for in La Liga this weekend
- Departing Hayes urges Chelsea to seize 'second chance' in WSL race
- Leverkusen eye 'immortality' as Union fight for final day survival
- Klopp leaves lasting legacy after restoring Liverpool to elite
- Putin in trade push on final day of China trip
- Timberwolves crush Nuggets to stay alive in NBA playoffs
- Taiwan president takes office under close scrutiny
- Israel to hit back at 'genocide' claims at UN top court
- Chinese officials meet to mull support for developers: Bloomberg
- 'Hindu nation': Religion trumps caste in India vote
- Asian stocks mixed after Wall St, Europe retreat from records
- Taiwan's Lai to bolster 'porcupine' defence against China threat
- Dominican Republic to vote in poll dominated by Haiti crisis
- The Dominican Republic: from Columbus to cruise ships
- Forced to give birth after rape, Honduran woman seeks UN remedy
US clears ExxonMobil deal, bars Pioneer ex-chief from board
US antitrust authorities cleared ExxonMobil's acquisition of Pioneer Natural Resources under the condition that the shale producer's former CEO be barred from the company's board, regulators announced Thursday.
A proposed consent order barred longtime Pioneer CEO Scott Sheffield from the ExxonMobil board of directors, citing his "collusive" activity with crude exporters from the OPEC+ group of countries, a Federal Trade Commission (FTC) press release said.
The FTC, which has ramped up action against corporate mergers in recent years under chair Lina Khan, said Sheffield's installation on the board of ExxonMobil posed a risk to US consumers.
"Mr. Sheffield's past conduct makes it crystal clear that he should be nowhere near Exxon's boardroom," said Kyle Mach, deputy director of the FTC's board of competition.
"American consumers shouldn't pay unfair prices at the pump simply to pad a corporate executive's pocketbook."
In October, ExxonMobil announced the acquisition of the fellow Texas-based Pioneer for about $60 billion in a big bet on the Permian Basin, a key US shale region.
The company will close the merger on May 3, an ExxonMobil spokeswoman said Thursday, after officials last week expressed confidence the deal would proceed in the second quarter.
The FTC pointed to "hundreds of text messages" from Sheffield exchanged with OPEC representatives and others involved in crude oil market dynamics in an effort to coordinate policy and defend higher prices.
"If Texas leads the way, maybe we can get OPEC to cut production. Maybe Saudi and Russia will follow. That was our plan," Sheffield said in one message cited by the FTC. "I was using the tactics of OPEC+ to get a bigger OPEC+ done."
Pioneer said that while the FTC's complaint reflects a "fundamental misunderstanding of the US and global oil markets and misreads the nature and intent of Mr. Sheffield's actions," neither it nor Sheffield would take steps to prevent the deal from closing.
Sheffield was motivated by strengthening the position of domestic energy producers to enhance US energy security, Pioneer said.
"During Mr. Sheffield's career, it was neither the intent nor an effect of Mr. Sheffield's communications to circumvent the laws and principles protecting market competition," Pioneer said.
It pointed to Sheffield's experience of living through six industry downturns in which "OPEC and OPEC+ have oversupplied the market, causing substantial turmoil for Us independents, including Pioneer."
ExxonMobil said it learned of the allegations from the FTC.
"They are entirely inconsistent with how we do business," an ExxonMobil spokeswoman said, adding that after a lengthy review, "the Commission raised no concerns with our business practices."
The FTC has set a 30-day public comment period after which it will decide whether to modify, withdraw or finalize the proposed order, an agency spokeswoman said.
L.Dubois--BTB