FTC Investigates Chevron's Proposed Acquisition of Hess Amid Antitrust Concerns

The investigation follows calls from Democratic senators for scrutiny of major oil industry mergers, amid rising energy prices and record profits for oil companies.

The Federal Trade Commission (FTC) is investigating Chevron's proposed $53 billion acquisition of Hess, marking the second major oil industry merger under review this week.
The FTC's inquiries follow calls from Senate Majority Leader Chuck Schumer and 22 other Democratic senators for the agency to investigate the deals, citing concerns over potential anti-competitive behavior.
If completed, the Exxon and Chevron deals would be among the largest mergers in the energy industry in two decades.
Chevron, Exxon and other oil companies have reported significant profits from strong energy prices and demand since Russia’s 2022 invasion of Ukraine.
Chevron's acquisition of Hess would result in the company taking over 30% ownership in a major oil project in Guyana, considered to be the biggest discovery of fossil fuel in the past decade.