The Federal Trade Commission approved Chevron's acquisition of Hess but barred CEO John B. Hess from joining Chevron's board due to controversial communications regarding OPEC.
Chevron's $53 billion acquisition of Hess highlights the consolidation trend in the U.S. oil industry, with major players increasingly dominating the shale sector, transforming its landscape.
The F.T.C. expressed concerns about U.S. oil executives' communications leading to the boom in oil prices, particularly regarding those praising OPEC, which is illegal in the U.S.
The agency's decision on Hess reflects a broader scrutiny of U.S. oil and gas executives as the industry shifts towards consolidation, raising regulatory red flags.
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