The Federal Trade Commission (FTC) has reopened and set aside the final consent order concerning Chevron Corporation's proposed acquisition of Hess Corporation. The original order, issued in January 2025, had prohibited Chevron from appointing Hess CEO John B. Hess to its board of directors.
The FTC's complaint alleged that Mr. Hess engaged in "supportive messaging" with representatives of the Organization of Petroleum Exporting Countries (OPEC) about their oil market stabilization agenda. It was claimed that Mr. Hess's presence on Chevron's board could enhance his influence over OPEC and potentially align Chevron’s production with OPEC’s decisions.
When the settlement was published in September 2024, current Chairman Andrew N. Ferguson and Commissioner Melissa Holyoak dissented. Despite their opposition, the outgoing majority approved the final consent order just before President Trump's inauguration.
In March 2025, Chevron and Hess petitioned the FTC to reopen and modify the final consent order. Following public comment and review, the FTC found several deficiencies in the complaint: it did not plead any antitrust law violation under Section 7 of the Clayton Act; it contained no allegations that Chevron’s acquisition of Hess would be anticompetitive; it did not suggest an increase in market concentration or potential coordination among oil producers; and it ignored established Merger Guidelines and precedents.
The FTC concluded that maintaining restrictions on Mr. Hess’s employment would harm its credibility and mission. Granting Chevron’s and Hess’s petition was deemed to be in the public interest.
The decision to approve reopening and setting aside the order was unanimous at 3-0, with Commissioner Mark R. Meador issuing a statement.
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