Hess Corporation unveiled in a press release on Monday that the United States Federal Trade Commission (FTC) approved the company's acquisition agreement with Chevron Corp., worth $53 billion.
"We are very pleased that our merger with Chevron has cleared this significant regulatory hurdle," Hess CEO John Hess remarked. So as to address the agency's concerns, the two companies made a deal to keep Hess' CEO out of Chevron's Board of Directors. In a previous complaint, the FTC noted that the Hess chief "communicated with OPEC [Organization of Petroleum Exporting Countries] representatives," encouraging higher oil prices. For this reason, the US agency underlined that he must be disqualified from the Board.
Hess shared that its CEO will still serve as a Chevron representative on government relations and social investments in Guyana as well as on support for the Salk Institute’s Harnessing Plants Initiative.
