Former Pioneer CEO claims he was unfairly blamed in Opec collusion case

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Former Pioneer Natural Resources CEO Scott Sheffield has come out swinging against the US Federal Trade Commission, claiming he has been “unjustly smeared” in a recent antitrust case. Sheffield, who was accused of colluding with Opec to restrict oil production, has vehemently denied the allegations and called on the FTC to withdraw its charges.

The controversy stems from the $60 billion acquisition of Pioneer by ExxonMobil, which closed earlier this month. The FTC approved the deal but imposed a ban on Sheffield serving on Exxon’s board, citing concerns about potential collusive activity. Sheffield’s lawyers have argued that the ban is unwarranted and infringes on his First Amendment rights.

In response to the FTC’s allegations, Sheffield stated, “The FTC is wrong to imply that I ever engaged in, promoted or even suggested any form of anti-competitive behavior.” He further criticized the regulator for what he sees as a baseless attack that could have a chilling effect on business leaders advocating for their industries.

The FTC, however, stands by its allegations, pointing to communications between Sheffield and industry leaders as evidence of collusion. The regulator maintains that Sheffield’s public calls for production cuts during the Covid-19 crisis were part of a broader effort to manipulate oil prices.

The case has sparked widespread criticism within the industry, with many viewing it as a misguided attack on a respected leader. The outcome of the dispute could have far-reaching implications for future M&A activity in the energy sector and beyond. As the legal battle continues, all eyes will be on how the FTC and Sheffield navigate this high-stakes confrontation.

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