FTC Approves Exxon Mobil's Acquisition of Pioneer, Expanding Presence in Permian Basin

Benzinga
Benzinga
  • 18 days ago
The Federal Trade Commission has given the green light to Exxon Mobil's acquisition of Pioneer Natural Resources, a move that will greatly expand the energy giant's presence in the highly coveted Permian Basin. However, former Pioneer CEO Scott Sheffield will not be joining the board of the newly merged company due to allegations of colluding with OPEC. Pioneer has made it clear that they will not interfere with the merger, despite their disagreement with the accusations. Exxon's acquisition of Pioneer significantly enhances its footprint in the Permian Basin by merging Pioneer's extensive Midland Basin acreage with Exxon's holdings, enabling cost reductions due to the proximity of these assets.

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