FTC Approves Final Order in Exxon-Pioneer Deal

The Federal Trade Commission today finalized a consent order that resolves antitrust concerns surrounding Exxon Mobil Corporation's (Exxon) acquisition of oil producer Pioneer Natural Resources.

The final consent order settles FTC charges first announced in May 2024.

Under the final consent order, Exxon is prohibited from nominating, designating, or appointing founder and former Pioneer CEO Scott Sheffield to the Exxon board or from serving in an advisory capacity in any way to the Exxon board or Exxon's management.

Additionally, the final consent order requires that for a period of five years, Exxon shall not nominate, designate, or appoint any Pioneer employee or director, other than certain named individuals, to the Exxon board. In addition, under the final order, Exxon, for a period of 10 years, will agree to certain Clayton Act Section 8 attestation and reporting obligations.

Following a public comment period, the Commission voted 3-2 to approve the final order, with Commissioners Andrew N. Ferguson and Melissa Holyoak dissenting. Chair Lina M. Khan issued a statement. Commissioner Holyoak issued a dissenting statement joined by Commissioner Ferguson.