Story perspectives
FTC Clears Chevron's $53B Hess Deal, CEO Restriction Imposed
1/19/2025
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Story summary
- The U.S. Federal Trade Commission approved a consent order for Chevron's $53 billion acquisition of Hess, addressing antitrust concerns.
- Hess CEO John Hess is prohibited from joining Chevron's board due to alleged communications with OPEC.
- Exxon Mobil's acquisition of Pioneer Natural Resources faces challenges, with similar board restrictions on its former CEO.
- Both companies may consult their respective CEOs on designated matters.
