Sheffield’s Fight for Exxon Board Seat Isn’t Over Yet

By Charles Kennedy - Jul 15, 2025

The U.S. Federal Trade Commission (FTC) has denied a petition from Scott Sheffield, founder and former CEO of Pioneer Natural Resources, seeking to overturn a 2024 order barring him from serving on ExxonMobil’s board following its $64.5 billion acquisition of Pioneer. The FTC rejected the petition on procedural grounds, stating Sheffield was not a party to the original order and thus lacked standing to formally challenge it.

Despite the denial, the FTC indicated it would still review Sheffield’s arguments under an internal rule that allows reconsideration of final decisions. “They have not ruled on the merits of my strong objections,” Sheffield told Hart Energy, “and in fact they have indicated their intention to consider my arguments for reopening and vacating the order.”

The 2024 FTC order, issued under then-Chair Lina Khan, required that Sheffield hold no formal or advisory role at ExxonMobil for five years due to concerns he could coordinate with OPEC to influence oil prices. Sheffield has denied these allegations and filed a separate lawsuit against Khan personally.

At the time, the FTC vote was 3-2 in favor of the restriction. The current FTC, composed entirely of Republican commissioners, voted unanimously to deny Sheffield’s petition but appears more open to reviewing the merits of the case.

The FTC has been soliciting public comments on whether the order should be reopened. After a social media post from Khan encouraged responses, over 100 comments were submitted—mostly opposing any change.

The FTC clarified that while its original complaint referenced Sheffield’s alleged interactions with OPEC, it did not formally charge him with violating antitrust laws.

Sheffield maintains the initial decision was an example of “gross and unjust government overreach.” The FTC has also been reviewing a similar order preventing Hess CEO John Hess from joining Chevron’s board.