The FTC approved Chevron's $53bn acquisition of Hess Corp, pending conditions.

The FTC has approved Chevron's $53 billion acquisition of Hess Corporation, a significant step towards finalizing the merger. However, Hess CEO John Hess will not join Chevron's board due to concerns over potential OPEC collusion. He will act as an advisor on government relations in Guyana. Other conditions remain, including ongoing arbitration regarding preemptive rights in the Stabroek Block joint operating agreement. Hess shareholders approved the deal in May 2024.

September 30, 2024
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