Pioneer Natural Resources founder Scott Sheffield accuses ExxonMobil of working with the Federal Trade Commission (FTC) on a “smear campaign” to keep him off its board. The allegations appear in Sheffield’s forthcoming autobiography. He says Exxon “threw me under the bus” after its $60 billion takeover of Pioneer in 2024.
The FTC barred Sheffield from joining Exxon’s board as a condition of approving the merger. The agency cited alleged attempts by Sheffield to collude with OPEC to reduce oil production and raise prices. Sheffield denies the allegations and says Exxon CEO Darren Woods went back on personal assurances of support during the FTC’s antitrust investigation.
The FTC’s order was later vacated. Sheffield says the investigation caused him significant personal distress. In his book, he criticizes what he calls Exxon’s “notoriously cut-throat and dysfunctional culture.”
Exxon has not commented on Sheffield’s specific allegations but has said the merger has been successful.