The US Federal Trade Commission (FTC) has sanctioned former Pioneer Natural Resources Corp CEO Scott Sheffield, barring him from Exxon Mobil’s board amid its $60 billion acquisition of Pioneer.
The FTC alleges Sheffield led a scheme with other American oil executives and OPEC to suppress production and boost profits.
This accusation centres around multiple meetings, including private dinners at Houston's energy conferences, aimed at discussing oil market dynamics.
Pioneer defended Sheffield, claiming his actions aimed to benefit the industry and were misunderstood by the FTC.
The issue traces back to OPEC's 2017 initiative to engage US shale leaders after failing to undercut them through pricing, highlighting significant interactions between shale and OPEC officials over the years.