Exxon Mobil Corp

NYSE:XOMUnited States

Yesterday

Show headlines and story abstract

• DJ Exxon to Close Megadeal; Pioneer Ex-CEO to Be Barred from Exxon Board in Deal With FTC -- 2nd Update, from 11 hours ago by Dow Jones

  11 hours ago by Dow Jones
  Companies Mentioned: PXD, XOM
  
  By Collin Eaton
  
  Exxon Mobil is set to close its $60 billion megadeal for Pioneer Natural Resources following an agreement with antitrust enforcers not to add former Pioneer Chief Executive Officer Scott Sheffield to its board of directors, according to people familiar with the matter.
  

• DJ Exxon to Close Megadeal; Pioneer Ex-CEO to Be Barred from Exxon Board in Deal With FTC -- Update, from 14 hours ago by Dow Jones

  14 hours ago by Dow Jones
  Companies Mentioned: PXD, XOM
  By Collin Eaton Exxon Mobil is set to close its $60 billion megadeal for Pioneer Natural Resources following an agreement with antitrust enforcers not to add former Pioneer CEO Scott Sheffield to its board of directors, according to people familiar with the matter. The Federal Trade Commission is set to allege as soon as Wednesday that Sheffield engaged in collusive activity that could have raised the price of oil, these people said. The allegations will include that Sheffield sent hundreds of messages to representatives of the Organization of the Petroleum Exporting Countries about market dynamics, including pricing and production levels. There is no allegation of any wrongdoing by Exxon, according to the people. The oil giant will enter into a consent decree with the FTC, agreeing to keep Sheffield off the board, the people said. With the filing of that agreement, the deal between Exxon and Pioneer could close within days. Sheffield declined to comment. Exxon agreed in October to buy Pioneer for $60 billion in stock, marking its biggest deal since it merged with Mobil in the late 1990s and the largest oil-and-gas deal in two decades. The Houston oil giant is set to acquire Pioneer's massive swath of prolific oil land in the Midland Basin of West Texas, where the smaller shale driller has operated for decades. In December, the companies disclosed the FTC had sought additional information from them about the deal, a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. Exxon and Pioneer together submitted millions of documents for the antitrust probe, said people familiar with the matter. The antitrust enforcers will allege Sheffield attempted to coordinate an anticompetitive campaign to curtail output by American frackers, which could have raised oil prices and thus benefited Pioneer, the people said. For years, investors urged frackers to stop overspending on drilling new wells and pumping ever-increasing amounts of crude, and instead to keep production largely flat, which would increase cash flows and enable higher returns to shareholders. It took years -- and a crippling pandemic -- for shale producers to agree. U.S. frackers fiercely competed for years with OPEC for market share. At a 2017 dinner in Houston, shale executives sat down for a first-of-its-kind dinner with Mohammad Barkindo, then the secretary-general of OPEC. Sheffield attended the dinner, during which Barkindo discussed OPEC negotiations on cutting oil output, among other topics. "They're trying to find out more about U.S. shale and we're trying to find out what OPEC is thinking," Sheffield said at the time. After the onset of the pandemic in 2020, a historic drop in oil demand prompted U.S. producers to dramatically cut their drilling rigs, shut in wells and slow production growth. They stuck with capital discipline for years, with Pioneer and other large shale companies vowing more conservative spending and to send more cash to shareholders. Pioneer and many other oil producers reaped billions more in cash flow in the years that followed, and distributed much of that to investors. Energy prices jumped in 2022 following Russia's invasion of Ukraine. After years of rapid drilling, limitations on shale companies' inventory of potential drilling locations have also prevented them from speeding up oil-production growth to prior high levels, The Wall Street Journal has reported. Executives and investment bankers cited inventory concerns as a key driver behind a wave of mergers and acquisitions that began last year. Sheffield started working for Pioneer's predecessor company, Parker & Parsley Petroleum, in 1979. That company merged with another in 1997 to form Pioneer. Sheffield had retired in 2016 but returned to the job in 2019. Write to Collin Eaton at collin.eaton@wsj.com (END) Dow Jones Newswires May 01, 2024 17:35 ET (21:35 GMT)

• *DJ Exxon Mobil Set to Close $60 Billion Deal for Pioneer Natural Resources Following FTC Agreement, Sources Say -- WSJ, from 15 hours ago by Dow Jones

  15 hours ago by Dow Jones
  Companies Mentioned: PXD, XOM
  Scott Sheffield is the former CEO of Pioneer Natural Resources. "Exxon to Close Megadeal, Pioneer CEO to Be Barred from Exxon Board in Deal With FTC," inccorectly identified him as Pioneer's CEO in headlines and an article that published at 4:13 p.m. (END) Dow Jones Newswires May 01, 2024 17:48 ET (21:48 GMT)

• Update: Market Chatter: FTC Set to Rule on Exxon Mobil-Pioneer Deal in Coming Days, from 16 hours ago by MT Newswires

  16 hours ago by MT Newswires
  Companies Mentioned: PXD, XOM
  03:43 PM EDT, 05/01/2024 (MT Newswires) -- (Updates with details throughout and comment from Exxon in the fourth paragraph.) The Federal Trade Commission is prepared to decide whether to sue to block Exxon Mobil's (XOM) $60 billion acquisition of Pi...

• Sector Update: Energy Stocks Decline in Late Wednesday Afternoon Trading, from 16 hours ago by MT Newswires

  16 hours ago by MT Newswires
  Companies Mentioned: PPL, PXD, XOM, SHEL, ENLC
  03:39 PM EDT, 05/01/2024 (MT Newswires) -- Energy stocks retreated in late Wednesday afternoon trading, with the NYSE Energy Sector Index shedding 0.6% and the Energy Select Sector SPDR Fund (XLE) down 1.1%. The Philadelphia Oil Service Sector index...