FTC clears Chevron-Hess deal, bans John Hess from board

Evidence CEOs Tried to Illegally Boost Oil Prices Grows as FTC Bars Hess from Chevron’s Board

Hess Corp. CEO John Hess won’t be joining Chevron’s 12-person board of directors, even assuming the companies close their $53 billion deal, currently mired in arbitration, under a Federal Trade Commission (FTC) consent order made public today. For years, Hess communicated about oil production with high-level OPEC and Saudi officials in public and in private, the FTC found as it investigated the proposed merger. “Today’s complaint identifies stat…

FTC clears Chevron-Hess deal, bans John Hess from board

John Hess will serve as an advisor to Chevron on government relations and "social investments" in Guyana.

FTC bars Hess CEO from joining Chevron board following $53 billion deal on OPEC collusion accusations – Oil & Gas 360

(World Oil) – U.S. regulators will allow Chevron to move forward with its $53 billion acquisition of Hess but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC. The U.S. Federal Trade Commission said in a statement Monday that Hess communicated with members of the group and its allies, encouraging them in some cases to stabilize oil production and draw down inventories.

FTC Oks Chevron-Hess Deal, Bans John Hess from Board

Federal regulators signed off on a blockbuster tie-up between Chevron and Hess Corp. but banned CEO John Hess from sitting on the Chevron board.

FTC clears Chevron-Hess deal, bans John Hess from board - NewsConcerns

John Hess, chief executive officer of Hess Corp., speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 19, 2024.  F. Carter Smith | Bloomberg | Getty Images The Federal Trade Commission has banned Hess Corp. CEO John Hess from Chevron‘s board as a condition for the oil companies’ $53 billion merger to move forward. The FTC on Monday alleged that Hess encouraged OPEC representatives to draw down invent…