FTC Approves Final Order in Chevron-Hess Deal
The Federal Trade Commission today finalized a consent order that resolves antitrust concerns surrounding Chevron Corporation’s acquisition of oil producer Hess Corporation.
The final consent order settles charges brought by the FTC in September 2024.
Under the final consent order, Chevron is prohibited from nominating, designating, or appointing Hess CEO John B. Hess to the Chevron Board. Additionally, with certain exceptions noted below, under the final consent order, Chevron is prohibited from allowing John Hess to serve in an advisory or consulting capacity to, or as a representative of, Chevron or the Chevron Board.
Under the final order, Chevron is allowed to consult with John Hess and allow him to serve as an advisor, consultant, or representative of Chevron, solely related to interactions and discussions with (a) Guyanese government officials about Hess’s oil-related and health ministry-related activities in Guyana, and (b) the Salk Institute’s Harnessing Plants Initiative.
Following a public comment period, the Commission vote to approval the final order was 3-2, with Commissioners Melissa Holyoak and Andrew N. Ferguson dissenting. Chair Lina M. Khan issued a statement.
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