A view of the Exxon Mobil refinery in Baytown, Texas.
Jessica Rinaldi | Reuters
The Federal Trade Commission will wave through Exxon MobilThe approximately $60 billion takeover of Natural Resources Pioneer After an agreement was reached with the energy giant, a source familiar with the matter told CNBC.
The FTC will not block the deal after the regulator and Exxon reach an agreement, the source said. The agreement bars former Pioneer CEO Scott Sheffield from joining Exxon's board.
The source said the push to remove Sheffield stemmed from concerns about his previous talks with OPEC.
Both Exxon and the FTC declined to comment. The agreement was first reported by Bloomberg News.
Exxon first announced the deal for Pioneer in October, which was an all-stock transaction valued at $59.5 billion. Exxon said the acquisition would more than double its production in the Permian Basin.
“Pioneer is a clear leader in the Permian with a unique asset base and employees with extensive industry knowledge. The combined capabilities of our two companies will provide long-term value creation far beyond what each company can achieve individually,” ExxonMobil Chairman and CEO Darren Woods said in a press release at the time.
Shares of Exxon and Pioneer were little changed in extended trading on Wednesday.
— CNBC's Pippa Stevens and Mary Catherine Wellons contributed reporting.