By Connor Hart
The Federal Trade Commission is seeking comments from the public regarding two separate petitions involving multi-billion dollar oil deals: Exxon Mobil's purchase of Pioneer Natural Resources and Chevron's acquisition of Hess.
Scott Sheffield, the founder and former chief executive of Pioneer, last month filed a petition to the FTC, requesting the agency set aside a final consent order regarding the companies' $60 billion merger.
The order, which the FTC approved in January, prohibited Exxon from nominating Sheffield to its board of directors. It additionally barred him from serving in an advisory role to Exxon's board or management team.
Sheffield in the petition alleged the order was unsupported by any antitrust law, and violates his constitutional and other legally-protected rights.
Also in March, Chevron and Hess filed a petition asking the FTC to set aside its consent order regarding their $53 billion deal, which was issued in January and prohibits Chevron from nominating Hess CEO John Hess to Chevron's board.
The FTC said Friday that the public will have 30 days, or until May 12, to submit comments regarding both petitions. After the comment period closes, the agency will vote to determine how to resolve both petitions.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 11, 2025 15:11 ET (19:11 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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