US oil executive censure puts spotlight on shale-OPEC meetings [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Exporting Countries (OPEC) group of oil producers has put a spotlight on dinners attended by dozens of shale executives. The U.S. Federal Trade Commission (FTC) on Thursday barred former Pioneer Natural Resources CEO Scott Sheffield from of Exxon Mobil, which is acquiring Pioneer for $60 billion in stock. The FTC accused the 72-year-old executive of leading a coordinated effort with other U.S. oil firms and with OPEC "to keep production artificially low" and increase oil companies' profits. In its complaint, the FTC pointed to meetings that shale and OPEC officials held over several years, including a series of private dinners at a Houston energy conference. Executives who attended previously had described to Reuters the meetings as discussing oil demand, spare production capacity and shareholder requirements. Pioneer said Sheffield had acted in the best interests of the oil industry, its investors, and said his actions helped lift U.S. oil production and exports. "The FTC
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