FTC denies Sheffield’s petition to set aside order barring him from Exxon board

Pioneer Natural Resources founder Scott Sheffield’s challenge of a Biden-era order barring him from Exxon Mobil’s (NYSE:XOM) board after its acquisition of Pioneer was denied Tuesday by the Federal Trade Commission.

However, while the FTC’s three Republican commissioners all voted to deny Sheffield’s bid on procedural grounds, the agency plans to consider his arguments under a rule that lets the commission reconsider prior decisions.

FTC Chairman Andrew Ferguson criticized the order last year, which barred Sheffield from Exxon’s (NYSE:XOM) board over concerns he would coordinate with OPEC members; Ferguson, who was a commissioner at the time when the agency was led by Democratic Chair Lina Khan, said the order overreached the FTC’s authority.

The FTC has been reviewing the order barring Sheffield from Exxon’s (XOM) board, along with a similar order keeping Hess CEO John Hess off Chevron’s board after it announced plans to acquire his company.