Pioneer Natural says ‘disagree and are surprised by’ FTC’s complaint

Pioneer Natural Resources (PXD) issued the following statement in response to the decision by the U.S. Federal Trade Commission to clear the proposed merger with Exxon Mobil (XOM) subject to a consent order based on allegations in a settlement complaint directed at Mr. Sheffield: “We disagree and are surprised by the FTC’s Complaint saying that Mr. Sheffield’s record and statements on matters of public interest should disqualify him from serving on the ExxonMobil Board of Directors. Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing. As he has for his entire career, Mr. Sheffield is electing to place the interests of investors, employees and the competitive health of the U.S. energy industry ahead of his own. At the same time, Mr. Sheffield and Pioneer believe that the FTC’s Complaint reflects a fundamental misunderstanding of the U.S. and global oil markets and misreads the nature and intent of Mr. Sheffield’s actions. During Mr. Sheffield’s career, it was neither the intent nor an effect of Mr. Sheffield’s communications to circumvent the laws and principles protecting market competition… Over the course of his 50-year career, Mr. Sheffield has been at the forefront of building a competitive U.S. shale industry, which comprises scores of public and private independent companies… He has been a champion of building a competitive industry labor market, improving skills and opportunities and an advocate for fostering an employee culture rooted in respect, integrity, safety, diversity and collaboration.”