Hess Corporation announced the completion of the Federal Trade Commission (FTC) antitrust review of its merger with Chevron, satisfying a key condition for the transaction’s closure.
In an announcement, Chief Executive Officer, John Hess, expressed optimism about the deal. “This transaction continues to be an outstanding deal for Hess and Chevron shareholders and will create a premier integrated energy company that is ideally positioned for the energy transition,” he said.
To address an FTC concern regarding John Hess’ communications with OPEC officials, he will not join Chevron’s Board of Directors. However, Hess will serve as an advisor on government relations and social investments in Guyana, along with supporting the Salk Institute’s Harnessing Plants Initiative. The Hess Board considers the FTC’s concerns “without merit” and supports Hess’ continued leadership.
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Hess highlighted the need for long-term investment in both oil and renewable energy, adding, “Oil and gas are going to be needed for decades to come, and the key challenge is long-term investment.”
Hess Corporation has reinvested more than its cash flow over the past five years to ensure supply growth. Hess remains focused on completing the merger with Chevron, which is still subject to final conditions, including resolving arbitration related to the Stabroek Block in Guyana.
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The acquisition of Hess would upgrade and diversify Chevron’s already advantaged portfolio, with a 30% stake in Guyana’s Stabroek Block.
