FTC Bans on Executives Joining Exxon, Chevron Boards Tested

(Bloomberg) -- Biden-era antitrust rulings that barred two prominent oil executives from serving on the boards of the biggest US oil companies are being challenged.

Scott Sheffield, a shale trailblazer who orchestrated the $63 billion sale of Pioneer Natural Resources Co. to Exxon Mobil Corp., asked the Federal Trade Commission to throw out a ruling that banned him from joining the suitor company’s board. Separately, Chevron Corp. and Hess Corp. urged the agency to reverse a prohibition that made John Hess ineligible for a Chevron directorship.

The requests, announced by the FTC on Friday, come just weeks after President Donald Trump fired the agency’s two Democratic commissioners and Republican dissenters from the Sheffield and Hess rulings assumed the majority. The bans rested on allegations that the executives engaged in improper communications with the Organization of Petroleum Exporting Countries.  

“Mr. Hess is a highly respected industry leader, and our Board would benefit from his global experience, relationships and expertise,” Chevron spokesman Bill Turenne wrote in an email.

Chevron and Hess jointly petitioned the FTC to remove its ban on John Hess, but Sheffield filed his request on his own. Chevron and Hess have yet finalize their $53 billion deal. Exxon closed the Pioneer takeover in May.  

The public has 30 days to comment, at which time the agency will vote on whether to reopen deliberations, according to an FTC statement.

(Updates with Chevron comment in fourth paragraph.)

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