Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal

Group 1 - The Federal Trade Commission (FTC) will approve Exxon's approximately $60 billion acquisition of Pioneer Natural Resources after reaching a consent agreement [1] - The consent agreement will prevent Pioneer's former CEO Scott Sheffield from joining Exxon's board due to concerns about his previous discussions with OPEC [1] - Exxon announced the acquisition deal for Pioneer in October, valued at $59.5 billion, which is expected to more than double its production in the Permian Basin [1] Group 2 - Exxon chairman and CEO Darren Woods emphasized that the merger will create long-term value exceeding what each company could achieve independently, highlighting Pioneer's leadership in the Permian and its unique asset base [2] - Shares of both Exxon and Pioneer remained relatively unchanged in extended trading following the news [2]