F.T.C. Clears Chevron’s Purchase of Hess With Board Condition

Published On Sep 30, 2024, 2:02 PM

The Federal Trade Commission (FTC) has approved Chevron's acquisition of Hess, valued at $53 billion, under the condition that Hess's CEO, John B. Hess, does not join Chevron's board. This decision reflects the FTC's scrutiny over U.S. oil executives' comments regarding OPEC, particularly following the rise in oil prices and increased consolidation in the oil industry, which is now dominated by larger companies like Chevron and Exxon Mobil.

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Stock Forecasts

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Positive

With the acquisition of Hess pending finalization and the FTC's conditional approval, Chevron is likely to see increased operational capacity and market competitiveness. This could positively influence Chevron's stock value as the market reacts favorably to consolidation and growth in a high-demand sector.

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