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Stock impact report

ExxonMobil's $60bn Pioneer acquisition nears FTC approval [Yahoo! Finance]

Exxon Mobil Corporation (XOM) 
Last exxon mobil corporation earnings: 5/1 07:34 am Check Earnings Report
US:NYSE Investor Relations: ir.exxonmobil.com
Company Research Source: Yahoo! Finance
The FTC's nod is expected following an agreement that Pioneer's co-founder and ex-CEO, Scott Sheffield, will not join Exxon's board. This development comes amid scrutiny over Sheffield's alleged attempts to discuss oil pricing and output with the Organization of the Petroleum Exporting Countries (OPEC). The $59.5bn all stock deal, first announced in October 2023, is expected to position Exxon as one of the key producers in the Permian Basin, North America's largest oilfield. It has been closely watched, especially as Pioneer was recently implicated in a lawsuit alleging collusion with OPEC to manipulate crude output. Both Exxon and Pioneer refused to comment on the pending approval, the publication said. The potential FTC approval occurs against a backdrop of heightened regulatory scrutiny. In March, more than 50 lawmakers called for increased oversight of a $230bn wave of consolidation in the oil and gas sector. The concern is that such mergers could lead to higher ene Show less Read more
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