The Federal Trade Commission (FTC) on Monday cleared Chevron's (CVX) 澳洲幸运5官方开奖结果体彩网:$53 billion acquisition of Hess (HES), but barred Hess CEO John Hess from joining Chevron's board, citing concerns about his previous communications with Organization of Petroleum Exporting Countriཧeওs (OPEC) officials.

The FTC said Hess previously supported OPEC countries' "stabilizi🎀ng" supply and effectively raising prices, and that a spot on Chevron's board could give Hess has more influence to cause Chevron to lower production and raise prices for oil and its downstream products like gas for U.S. consumers.

Chevron, Hess Agree To Keep John Hess Off Board

The companies said they disagreed with the FTC's reasoning, but agreed not to put Hess on Chevron's board. Two members of the five-person commission voted against the order, as Commissioner Andrew Ferguson said the idea comments from Hess "could move 澳洲幸运5官方开奖结果体彩网:global oil markets is laughable."

Monday's judgment mirrors a similar FTC ruling 澳洲幸运5官方开奖结果体彩网:approving the nearly $60 billion acquisiti🃏on of 澳洲幸运5官方开奖结果体彩网:Pioneer Natural⛄ Resources b𝐆y ExxonMobil (XOM) and barring P♓ioneer CEO Scott Sheffield from joining the new company's🍃 board.

After clearing the FTC hurdle, the Chevron and Hess merger 澳洲幸运5官方开奖结果体彩网:still faces a legal challenge from ExxonMobil and China National Offshore Oil Corp. (CNOOC) over whether Hess can sell its assets in Guyana that the other companies have a stake in. 澳洲幸运5官方开奖结果体彩网:The companies said they ex♛pect a decision in that cas☂e sometime in 2025.

Hess shares finished 1.6% higher Monday at $135.80, while Chevron shares ticked up 1.2% to $147.27.