A view of the ExxonMobil refinery in Baytown, Texas.
Jessica Rinaldi | Reuters
The Federal Trade Commission will approve ExxonMobil's roughly $60 billion acquisition of Pioneer Natural Resources after reaching an agreement with the energy giant, a source familiar with the matter told CNBC.
The FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, the source said. The agreement will prevent former Pioneer CEO Scott Sheffield from joining Exxon's board of directors.
According to the source, the pressure to dismiss Sheffield was due to concerns about his previous discussions with OPEC.
Exxon and the FTC declined to comment. The agreement was first reported by Bloomberg News.
Exxon first announced the Pioneer deal in October, in an all-stock deal worth $59.5 billion. Exxon said the acquisition would double its production in the Permian Basin.
“Pioneer is a clear leader in the Permian region with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies will create long-term value far beyond what either company can do on a standalone basis,” said Darren Woods, Chairman and CEO of Exxon. , in press release on time.
Shares of Exxon and Pioneer were little changed in extended trading Wednesday.
— CNBC's Pippa Stevens and Mary Katherine Wellons contributed reporting.
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