Comeby! said:

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Natty jumping right now.

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why?

I'm aware of who the freight broker was but not much further than that.

Anyone know any good valve companies in the Corpus/Victoria/Kenedy area? Specifically companies or people that handle field service, PSV testing, actuation, etc.

BusinessAg said:

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Where are you seeing that?

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https://www.reuters.com/markets/commodities/diamondback-energy-endeavor-receive-second-ftc-request-over-26-bln-deal-2024-04-29/

Chester dot Bullard at res dash co dot com

RES Energy Solutions

Pretty silly argument. Investors were already punishing shale cos for incinerating money so it's not like talking with OPEC meant anything.

I don't know about that.

If they have evidence of him discussing price strategy with OPEC that is clear antitrust.

That's a crime. Grant it, the government does it all the time!

It wouldn't shock me to find out this is an Exxon motivated move. He's a very influential person who loves to have control. That said, I thought he had a good relationship with Exxon management so who knows. Hard to understand the FTC being on this without some sort of insider/leak

I could see Sheffield doing something like this. More than others he was out there saying the quiet part out loud that the industry needs to slow Permian production. He also used to be at OPEC meetings.

Interesting to go back to COVID times

Call the guys that do train derailments

Hulcher Services would have it done in minutes.

Bibendum 86 said:

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tremble said:

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Pretty silly argument. Investors were already punishing shale cos for incinerating money so it's not like talking with OPEC meant anything.

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The only way that this gets legs is if they find evidence that Sheffield shared PXD production figures with OPEC prior to release of PXD earnings. Forward curves on WTI/Brent are very well known. OPEC produces 25 million bpd while PXD does less than 10% of that number. Not a market mover. None of this makes any sense.

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PXD would have been less than 2% of OPEC production if they were a member. KSA production cuts or increases are multiples of PXD's production, so Scott's texts can't really move the market.

Confirmed

XOM will acquire PXD tomorrow May 3 and Sheffield has agreed to step out


https://www.hartenergy.com/exclusives/ftc-oks-exxon-pioneer-merger-bars-sheffield-exxons-board-209032

Kinda wonder if the FTC does actually file charges against Sheffield or do they drop it now that he is out. I can certainly see Exxon and Sheffield agreeing to a consent decree to move the merger to close and avoid delays due to a legal battle between Sheffield and the FTC. But I wonder if the FTC actually believes they actually have a case they can win or if they were just using the allegation as leverage.

anyone know what's going on with Diamondback / Endeavor? Pushed to Q4?

FTC taking a second look

FANG was notified Monday it was going to Second Review. As of FANG's earnings call on Wednesday, they are again saying expect a Q4 close. Hopefully that gets accelerated, especially with XOM getting the green light.

I wonder what Sheffield's golden parachute will look like

Hopefully it doesn't include DOJ prosecution.

CPDAggie10 said:

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I wonder was Sheffield's golden parachute will look like

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Starts on page 110:
https://www.sec.gov/Archives/edgar/data/34088/000119312523281591/d558467ds4.htm#rom558467_81e

CPDAggie10 said:

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I wonder was Sheffield's golden parachute will look like

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I grabbed it from the link.

"Mr. Sheffield will commence a new, non-executive position as Special Advisor to the Chief Executive Officer of Pioneer on January 1, 2024 (the "Transition Date") and will serve in such position until the closing of the Merger and will continue as an employee and as a member of the Pioneer board following the Transition Date. As of the Transition Date, Mr. Sheffield will not receive a base salary, and will not be eligible for future annual cash bonus awards or equity awards, but he will continue to vest in all outstanding equity awards in accordance with their terms. Mr. Sheffield will be eligible for the termination benefits described above under his CIC Agreement upon the expiration of his transition services effective as of the closing of the Merger, which will be considered a termination of his employment by Pioneer without cause. Any termination benefits provided to Mr. Sheffield will be determined by reference to his base salary, target bonus amounts and retirement plan participation as in effect on October 10, 2023.

To the extent any payment or benefit under the CIC Agreements is delayed to comply with Section 409A of the Code, the amount is to be contributed to a grantor trust, with such amount to be invested through such trust in U.S. Treasury securities or money market investments, and the executive officer would be paid any earnings accrued on the amount during the required delay period."

Since there was a completely different section for the other executives before this one, it almost sounds like they knew this going in.

Here's the numbers if you want to calculate.

Looks like about $140 Million

I think most of the equity was already held, so that's not all part of the CiC payout. I read shortly after the deal was announced the Sheffield's CiC was around $39 million. I'll be curious if the amendment that removes him from the XOM board (original deal was Sheffield and one other PXD board member would get XOM board seats) includes a monetary substitute for Sheffield.

XOM grants 8K shares to new board memebers so at least another million