Former CEO Scott Sheffield potentially facing criminal charges for suggesting oil production coordination
Scott Sheffield, former CEO of Pioneer Natural Resources, potentially facing criminal charges for suggesting coordination to drill less oil, barred from Exxon board, facing FTC referral to Justice Department. FTC expanding criminal referral program. Industry focus on capital discipline. Merger approval used as tool to punish unrelated behavior. CEOs getting raises despite economic challenges. Apollo making significant loans. Warner Bros. Discovery CEO working to retain NBA television rights amidst competition.
Key Points
- Scott Sheffield potentially facing criminal charges for suggesting coordination to drill less oil
- FTC expanding criminal referral program
- CEO pay raises outpacing wage increases for employees
- Apollo making significant loans
- Warner Bros. Discovery CEO working to retain NBA television rights amid competition
Pros
- Increased focus on capital discipline in the oil industry
- FTC expanding criminal referral program to address corporate misconduct
- Merger approval used to punish unrelated behavior
Cons
- Potential criminal case against Scott Sheffield for suggesting oil production coordination
- FTC's actions could be seen as leveraging merger approval for unrelated behavior
- CEO pay raises disproportionate to economic challenges