Sheffield is one of the few Pioneer executives who will have a post-deal role - he is set to join Exxon's board. Changes to pay packages that make executive compensation more lucrative in proximity to a sale announcement can also raise eyebrows. The expected payouts do not count whatever Pioneer stock management owns and will be acquired as part of the Exxon deal. Exxon's acquisition of Pioneer will be paid for using new Exxon shares, meaning shares in Pioneer owned by management will be replaced by Exxon stock. It was unclear whether management would have any restrictions on when they could sell the Exxon stock they would ultimately own.

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Persons: Scott Sheffield, Eduardo Munoz, Richard Dealy, Bart Brookman, Chris Kendall, Denbury, David French, Gary McWilliams, Anna Driver Organizations: Natural Resources Company, REUTERS, Natural Resources, Exxon Mobil, Sheffield, Pioneer, Reuters, Exxon, Kimmeridge Energy Management, PDC Energy, Chevron, Thomson Locations: New York, U.S, America, Houston