Overview

• 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.