Market Chatter: Pioneer Natural Resources Founder Declines to Join ExxonMobil Board Despite Removal of Regulatory Block

MT Newswires Live2025-07-18

Pioneer Natural Resources founder Scott Sheffield said he will not push to join the board of ExxonMobil (XOM) even after the US Federal Trade Commission rescinded an order barring him from the oil giant, Bloomberg News reported, citing a statement by the shale oil mogul.

The agency also removed the order barring Hess (HES) Chief Executive John Hess from joining Chevron's (CVX) board, the report said.

Sheffield was set to join ExxonMobil's board as part of the its acquisition of Pioneer.

Both executives were barred over allegations they communicated with OPEC on oil prices and output, in possible violation of antitrust rules, the report said.

Both Sheffield and Hess deny they colluded with OPEC, the report said.

ExxonMobil, Chevron, and Hess did not immediately reply to MT Newswires' request for comment.

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