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Chevron Receives FTC Approval for $53 Billion Hess Acquisition, Bars John Hess from Board Over OPEC Communication

Sep 30, 2024, 02:39 PM

Chevron has received approval from the U.S. Federal Trade Commission (FTC) to proceed with its $53 billion acquisition of Hess Corporation. As a condition for this approval, Hess CEO John Hess will not be allowed to join Chevron's board. The decision is part of an agreement with the FTC to address antitrust concerns. The FTC cited communication with the Organization of the Petroleum Exporting Countries (OPEC) as a factor in barring John Hess from the board. This move is aimed at ensuring competitive practices in the energy market. The merger has also received HSR clearance.