Still betting on Nvidia? Our AI picked this stock instead; it’s up 96%+ THIS MONTH
Investing.com -- The U.S. Federal Trade Commission (FTC) announced on Friday that it was requesting public comments on a petition submitted by Scott Sheffield, the founder and ex-CEO of Pioneer Natural Resources (NYSE:PXD). Sheffield is seeking to overturn an FTC order related to Exxon Mobil Corp (NYSE:XOM)'s acquisition of Pioneer.
The FTC order in question prevents Exxon, the leading U.S. oil company, from nominating, designating, or appointing Sheffield to the Exxon board of directors or from allowing Sheffield to serve in any advisory role to Exxon.
Exxon acquired Pioneer last year in a transaction valued at $59.5 billion. Sheffield's petition aims to challenge the FTC's order, which currently restricts his potential involvement with Exxon following the acquisition.
The FTC's request for public input represents a step in the consideration of Sheffield's petition. The commission has not yet made any decision on whether to set aside the order.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.