FTC Finalizes Consent Order Settling Antitrust Concerns In Chevron's Acquisition Of Hess

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(RTTNews) - The U.S. Federal Trade Commission finalized a consent order that resolves antitrust concerns surrounding Chevron Corp.'s (CVX) acquisition of oil producer Hess Corp. 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, 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.

In October 2023, Chevron agreed to acquire all of the outstanding shares of Hess in an all-stock deal valued at $53 billion, or $171 per share. Hess shareholders would receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the deal is $60 billion.