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Exxon Mobil reaches settlement with FTC, poised to shut $60 billion Pioneer deal

A ogle of the Exxon Mobil refinery in Baytown, Texas.

Jessica Rinaldi | Reuters

The Federal Change Commission will wave thru Exxon Mobil‘s roughly $60 billion acquisition of Pioneer Pure Resources after reaching an settlement with the energy big, a offer accustomed to the topic told CNBC.

The FTC will now not block the deal now that the regulator and Exxon non-public reached a consent settlement, the offer acknowledged. The settlement will bar Pioneer’s historical CEO Scott Sheffield from becoming a member of the Exxon board.

The bustle to clutch away Sheffield modified into as soon as attributable to considerations about his prior discussions with OPEC, per the offer.

Exxon and the FTC both declined to recount. The settlement modified into as soon as first reported by Bloomberg Records.

Exxon first announced the deal for Pioneer in October, in an all-stock transaction valued at $59.5 billion. Exxon acknowledged the acquisition would higher than double its production in the Permian Basin.

“Pioneer is a determined leader in the Permian with an odd asset inappropriate and of us with deep industry data. The blended capabilities of our two corporations will provide long-duration of time worth advent well in some distance more than what both company is able to doing on a standalone basis,” Exxon chairman and CEO Darren Woods acknowledged in a press launch on the time.

Shares of Exxon and Pioneer had been both tiny modified in prolonged trading Wednesday.

— CNBC’s Pippa Stevens and Mary Catherine Wellons contributed reporting.

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