FTC clears Chevron-Hess deal, bans John Hess from board

At the 2024 CERAWeek conference, Hess Corp. CEO John Hess was banned by the FTC from joining Chevron’s board as a condition for their merger. The FTC alleged that Hess communicated with OPEC representatives to support higher oil prices. While Hess denies any wrongdoing, he will not be joining Chevron’s board but will serve as an advisor on government relations and social investments in Guyana. Chevron CEO Mike Wirth welcomed the FTC’s decision, while Hess’ exclusion from the board leaves Exxon Mobil’s claims over Hess’ oil assets in Guyana as the final hurdle for the merger to close. The FTC’s decision was met with dissent from Commissioner Andrew Ferguson, who believed it was influenced by political pressure.