Pioneer's founder Scott Sheffield is being named by the US Federal Trade Commission in attempting to coordinate--that is, collude--with OPEC+ on the pricing of energy products. Aside from the company he wishes to keep being rather dodgy sorts including Russia's Putin, there are free market principles being violated here that are more pertinents to the FTC's mission. So, the FTC is advising ExxonMobil that its purchase of Pioneer will only push through if the combined entity does not have Sheffield as a board member or an adviser:
Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.
Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia. “Mr. Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said.
With no charges being made, Sheffield and the firms involves have decided not to contest the FTC's prohibition of his involvement. From a political angle, prosecuting a pillar of the US energy at a time of historically elevated oil prices doesn't seem to me like a winning election strategy. So, the FTC is just making a slap on the wrist for what would otherwise be a massive case of collusion. Also remember that the US is friendly with several unsavory regimes within OPEC.
Still, it would've been interesting if it'd have gone to trial to learn how this guy worked with the likes of Venezuela's Maduro and other characters to screw US consumers in the interests of greater (unwarranted) profits.
Me? I try to use the least of the dastardly substance as possible to avoid enriching these kinds of folks.
