June 20, 2024

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ExxonMobil has reached an agreement with the Federal Trade Commission and is set to close its $60 billion Pioneer deal

ExxonMobil has reached an agreement with the Federal Trade Commission and is set to close its $60 billion Pioneer deal

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.

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