The stipulation to the takeover lays out the efforts by Pioneer's CEO to coordinate oil output with countries including Saudi Arabia and Russia.
The stipulation to the takeover lays out the efforts by Pioneer’s CEO to coordinate oil output with countries including Saudi Arabia and Russia.
“This merger would have put an oilman of John Rockefeller’s persuasions on the board of a direct successor to Mr. Rockefeller’s oil company — which also happens to be the single largest company in the American oil industry,” Bedoya said in his concurrence with the consent agreement. The FTC said in its statement it relied on public statements, text messages, in-person meetings, WhatsApp conversations and other communications Sheffield had while at Pioneer align oil production across the Permian Basin in West Texas and New Mexico with OPEC and the larger OPEC+ group that includes Russia. Pioneer is the leading producer in the Permian basin, the biggest U.S. oil field.
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