The Federal Trade Commission (FTC) is set to allege that former Pioneer Natural Resources CEO Scott Sheffield, described as an internationally respected industry authority, engaged in collusive activities aimed at manipulating oil prices by sending hundreds of messages to OPEC representatives. The FTC claims these efforts were intended to control oil production during the Covid-19 pandemic when oil prices were negative. Additionally, the FTC is considering a potentially criminal case against Sheffield for suggesting to Texas oil rivals that they should reduce drilling to keep oil prices high. Pioneer Natural Resources defended Sheffield, stating that the FTC's complaint misinterprets the U.S. and global oil markets and misjudges Sheffield's intentions.
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The FTC's allegations that a shale trailblazer tried to collude with OPEC to prop up crude prices is unnerving US oil executives pursuing more than $100 billion in deals https://t.co/Paio96iMFr
The FTC's allegations that a shale trailblazer tried to collude with OPEC to prop up crude prices is unnerving US oil executives pursuing more than $100 billion in deals https://t.co/efcLp3v0sz
Macquarie’s earnings missed estimates as profit from its commodities and global markets business dragged on performance https://t.co/DFjo2y8OSg
Macquarie’s earnings missed estimates as profit from its commodities and global markets business dragged on performance https://t.co/zgp4FDjrs0
US antitrust regulators for the first time took action against a leading US oil executive over his alleged "collusion" with Opec, but the producers' alliance itself was not a target of investigation. #oott https://t.co/1DS5gx0w12
"The FTC's complaint reflects a fundamental misunderstanding of the U.S. and global oil markets and misreads the nature and intent of Mr. Sheffield’s actions," the company said, defending its former chief as "a leading and internationally respected industry authority." #oott https://t.co/YBSDEZZWWR
FTC says Texas oil exec sought to work with OPEC to boost prices https://t.co/8KwXXdrsZe
The FTC just found evidence that American oil companies colluded with one another and with OPEC to raise the price of gas. These corporations conspired to keep production low in order to keep prices high.
🟡 SCOOP: The FTC plans to privately recommend a potentially criminal case against Pioneer's former CEO for comments he made to Texas rivals suggesting they coordinate ways to drill less oil, @lizrhoffman and @GinaChon report. https://t.co/9LVOBwURua
FULL DOCUMENT: The @FTC complaint against Scott Sheffield of Pioneer Natural Resources, alleging that he tried to coordinate with the OPEC+ oil cartel (largely at the time of the Covid-19 pandemic and negative oil prices) #OOTT Link: https://t.co/YY9kYEhC4i
Former Pioneer Natural Resources Chief Executive Scott Sheffield attempted to collude with OPEC representatives to coordinate production and raise oil prices, U.S. antitrust enforcers said https://t.co/d3oohol1gu https://t.co/d3oohol1gu
The Federal Trade Commission is set to allege as soon as Wednesday that Sheffield engaged in collusive activity that could have raised the price of oil, these people said. The allegations will include that Sheffield sent hundreds of messages to representatives of the Organization… https://t.co/Sz858ZlH8X