"The Federal Trade Commission said the oil giant could acquire the smaller company as long as the chief executive of Hess did not join its board."
"The Federal Trade Commission said on Monday that it would let the oil giant Chevron acquire Hess but that the chief executive of Hess would not be allowed to join Chevron’s board because of how he communicated with leaders of OPEC.
The agency’s decision brings Chevron and Hess one step closer to completing a $53 billion tie-up announced last fall.
It is also the latest example of the F.T.C.’s taking issue with the conduct of U.S. oil and gas executives in recent years.
After oil prices rose in 2022, many independent oil producers agreed to join forces or sell themselves to larger rivals. That deal making has transformed the American shale patch, which once was the province of smaller companies. Increasingly, it is being dominated by the likes of Exxon Mobil and Chevron."
Rebecca F. Elliott reports for the New York Times September 30, 2024.
Advertisement 
