WASHINGTON, D.C. — The Federal Trade Commission (FTC) has finalized a consent order addressing antitrust concerns related to Chevron Corporation’s acquisition of oil producer Hess Corporation. The resolution imposes restrictions on the role of Hess CEO John B. Hess within Chevron to ensure competitive integrity moving forward.
The FTC’s consent order prohibits Chevron from appointing or allowing John Hess to serve on its Board of Directors. Furthermore, the order restricts Hess from acting as an advisor or representative for Chevron and its Board, except under certain specified circumstances.
Under the exceptions detailed in the order, Chevron may consult with John Hess exclusively for interactions involving Guyanese government officials regarding Hess’s prior oil-related and health ministry initiatives in Guyana. Additionally, Hess is permitted to advise Chevron concerning the Salk Institute’s Harnessing Plants Initiative. Outside these narrowly defined activities, his involvement with Chevron remains strictly limited.
This consent order follows the FTC’s charges in September 2024, reflecting regulatory measures aimed at mitigating potential antitrust risks while maintaining transparency in the transaction. By defining these boundaries, the FTC seeks to promote fair competition and safeguard market dynamics in the energy sector.
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