The U.S. Federal Trade Commission (FTC) has approved a consent order to address antitrust concerns related to Chevron’s $53 billion acquisition of Hess Corporation. The FTC’s decision marks a key step toward completing the merger, which is poised to reshape the energy sector.
As part of the order, John Hess, CEO of Hess Corporation, will not be allowed to join the board of the merged entity. This restriction stems from allegations that Hess communicated with OPEC during its efforts to cut oil production, raising concerns over potential anticompetitive behavior.
While the FTC has given the green light, one final hurdle remains: Exxon Mobil’s legal challenge to the merger. The dispute is set to be reviewed by a three-judge arbitration panel in May, leaving some uncertainty over the deal’s ultimate closure.
The merger, if finalized, will position Chevron to significantly expand its operations and solidify its role as a leading player in the global energy market.
