17 July 2025 – Washington, D.C.:
The Federal Trade Commission has unanimously voted to reopen and set aside the final consent order related to Exxon Mobil’s acquisition of Pioneer Natural Resources. The original order, finalized in January 2025, barred former Pioneer CEO Scott Sheffield from joining Exxon’s board or serving in any advisory role, citing concerns over potential coordination among oil producers.
However, upon review, the FTC found that the original complaint failed to allege any violation of antitrust law under the Clayton Act, contained no claims that the merger would reduce competition, and deviated from the agency’s own merger guidelines and precedent. While the FTC denied Mr. Sheffield’s petition to vacate the order due to lack of standing, it determined that maintaining the restrictions would harm the agency’s credibility and mission.
With Exxon’s consent, the order has now been fully vacated without further proceedings. The vote to reopen and set aside the order was 3–0.
