The Federal Trade Commission is set to approve ExxonMobil’s $60 billion takeover of Pioneer Natural Resources, according to multiple outlets, though the deal can reportedly only close if former Pioneer CEO Scott Sheffield, who faces allegations of engaging in activity to raise gas prices, is barred from the combined company’s board of directors. Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here. Shares of Exxon and Pioneer slightly slumped Wednesday. Exxon’s stock closed down nearly 2% to $116.03 while Pioneer’s closed down a fraction of a percent to $267.66.$411 billion. That’s the estimated value of Exxon and Pioneer’s potentially combined company. Exxon announced its merger with Pioneer in October, designating it as an all-stock transaction valued at $59.5 billion, or $253 per share, based on Exxon’s closing stock price on Oct. 5. The merger will combine Pioneer’s more than 850,000 acres in west Texas’ Midland Basin with ExxonMobil’s 570,000 acres in the Delaware and Midland Basins of west Texas. Exxon’s production volume would more than double to about 1.3 million barrels of oil equivalent per day once the deal closes, based on 2023 values, according to a statement from the company. The lawsuit keeping Sheffield from joining the combined company’s board alleges he, Pioneer and other oil producers colluded to curb output of shale oil, raising consumer fuel prices, Reuters reported. Another Mega-Merger, But ExxonMobil Plus Pioneer Will Be The Influence-Shaper For Oil As Well As Climate (Forbes)Exxon to Close Megadeal, Pioneer CEO to Be Barred from Exxon Board in Deal With FTC (WSJ)FTC to approve major Exxon deal — but exclude key executive (Politico)FTC clears Exxon-Pioneer deal but with board twist (Semafor)


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