The U.S. Federal Trade Commission has approved a consent order to resolve antitrust issues related to Chevron Corporation's acquisition of oil producer Hess Corporation. This order addresses charges raised by the FTC in September 2024.
According to the consent order, Chevron is restricted from nominating or appointing John B. Hess, the CEO of Hess, to its Board of Directors. Furthermore, John Hess is barred from serving in any advisory or consulting role, or acting as a representative for Chevron or its Board.
However, the order permits Chevron to consult with John Hess for specific matters. He may serve as an advisor, consultant, or representative only in relation to interactions with Guyanese government officials regarding Hess's engagements in oil and health sector activities in Guyana, and concerning the Salk Institute's Harnessing Plants Initiative.
In October 2023, Chevron consented to the acquisition of all outstanding shares of Hess in a transaction valued at $53 billion, an all-stock deal priced at $171 per share. Hess shareholders are to receive 1.0250 Chevron shares for each share of Hess they hold. The total enterprise value of the transaction, inclusive of debt, stands at $60 billion.
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