Shale pioneer Scott Sheffield is reflecting on his career and the $60bn merger of his Pioneer Natural Resources with Exxon Mobil in 2024, speaking to the FT from his New Mexico ranch. Sheffield, who earned $29mn from the sale and about $150mn in Exxon stock, told the FT the merger was right for shareholders, generating a 19 per cent premium. However, he is at odds with Exxon CEO Darren Woods over the Federal Trade Commission's intervention.

Sheffield alleges Exxon officials leaked stories to damage his reputation and "orchestrated" with the FTC to block him from joining Exxon's board. He claims Woods "threw me under the bus" despite personal assurances. Woods stated the deal was a success, giving Exxon a dominant Permian Basin position amid Middle East conflicts and Strait of Hormuz disruptions.