Exxon to Conclude Takeover With Pioneer Founder Under a Cloud

The US Federal Trade Commission declined to challenge Exxon Mobil Corp.’s $60 billion purchase of Pioneer Natural Resources Co. on the condition that Pioneer co-founder Scott Sheffield be excluded from the supermajor’s board.

The decision, announced Thursday in a filing, will ease concern the Biden administration would seek to block a series of oil and natural gas mega-mergers, but it came at a hefty price. The antitrust agency says it found evidence Sheffield sought to communicate with OPEC and US peers about oil pricing and output, potentially driving up costs for consumers.

Scott Sheffield

Photographer: Aaron M. Sprecher/Bloomberg

“Mr. Sheffield’s past conduct makes it ...