North America Correspondent at Upstream
Opinion

FTC ruling is latest stumbling block for Hess and Chevron’s troubled $53 billion merger

First arbitration, then regulatory hoops — Chevron and Hess can’t catch a break

Stumbling blocks: Hess and Chevron are preparing for the long haul with their merger plans now not expected to complete until 2025, far longer than either company expected when the tie-up was first proposed. Meanwhile, the US regulator has given the merger the go-ahead, but is not allowing Hess chief executive John Hess to take a seat on the board of the merged company over concerns about his communications with Opec officials.
Stumbling blocks: Hess and Chevron are preparing for the long haul with their merger plans now not expected to complete until 2025, far longer than either company expected when the tie-up was first proposed. Meanwhile, the US regulator has given the merger the go-ahead, but is not allowing Hess chief executive John Hess to take a seat on the board of the merged company over concerns about his communications with Opec officials.UPSTREAM/RYTIS DAUKANTAS
Published 2 October 2024, 11:45Updated 2 October 2024, 12:11
ChevronHessExxonMobilCNOOC InternationalJohn Hess