Description

On May 25, the Federal Trade Commission announced their consent for the planned acquisition of Pioneer Natural Resources by ExxonMobil. It was the largest shale oil and gas merger ever planned.

The consent may not have been a surprise, but one of the conditions was: that former Pioneer Natural Resources CEO Scott Sheffield was prohibited from taking a planned seat on ExxonMobil’s board and accused of colluding with other industry players to increase consumer prices and maximize company profits.

Articles began to appear in the media that described the condition, which ExxonMobil did agree to, as “unprecedented,” “unusual,” and even “a smear campaign.”

Is Scott Sheffield a colluding villain or a scapegoat of big oil and the federal government? 

In this episode of Art of Supply, Kelly Barner brings together details about: 

• The structure of the oil market, including U.S. producers as well as OPEC and OPEC+
• The case against Scott Sheffield, as made by the FTC and media outlets that side with them
• The case made in his defense, some in his own words and some from industry onlookers and commentators as well as other media outlets

Links:

• Kelly Barner on LinkedIn
• Art of Supply LinkedIn newsletter 
• Art of Supply on AOP
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