FTC Approves Chevron-Hess Merger, Bars John Hess from Board

The $53 billion deal moves forward with conditions due to Hess CEO's alleged collusion with OPEC to manipulate oil prices.

Chevron's $53 billion acquisition of Hess has been approved by the Federal Trade Commission (FTC), with the stipulation that Hess CEO John Hess is not allowed to join Chevron's board.
The FTC's decision is based on allegations that John Hess communicated with OPEC officials to reduce oil production and increase prices, which could harm market competition.
Despite the FTC's approval, the merger faces a legal challenge from ExxonMobil and CNOOC over Hess's assets in Guyana, with a decision expected in 2025.
John Hess will instead serve as an advisor to Chevron on government relations and social investments in Guyana.
The FTC's ruling mirrors a similar decision earlier this year involving the ExxonMobil-Pioneer merger, where Pioneer CEO Scott Sheffield was also barred from joining the new company's board.