Longtime shale boss and North Texas energy magnate Scott Sheffield said he’s no longer interested in joining Exxon Mobil Corp.’s board after the U.S.

The U.S. Federal Trade Commission on Thursday reversed bans on the CEOs of takeover targets joining the boards of Chevron and Exxon Mobil that the Biden administration made a condition of clearing the oil giants' deals to buy two oil producers.

Scott Sheffield, the founder of Pioneer Natural Resources and one of ExxonMobil’s largest individual shareholders, has renounced the board seat the company promised him only months ago. “Exxon signed a rushed,