FTC Seeks Public Comment on Exxon, Chevron Mergers

The Federal Trade Commission (FTC) is currently seeking public comments on petitions from Scott Sheffield, former CEO of Pioneer Natural Resources, and Chevron regarding recent multimillion-dollar oil mergers. Sheffield's petition requests the FTC to vacate a consent order that prevents him from joining Exxon's board or serving in an advisory role following Exxon's $59.5 billion acquisition of Pioneer. Similarly, Chevron is seeking to lift a restriction barring its CEO, John Hess, from being nominated to its board after Chevron's $53 billion acquisition of Hess Corp. The public comment period will last until May 12, 2025, after which the FTC will decide how to proceed with both petitions. Sheffield argues that the order against him lacks legal support and infringes on his rights. The FTC's move is notable as it reflects ongoing scrutiny of significant consolidation in the oil industry.