WASHINGTON, D.C. — The Federal Trade Commission has reversed its prior restrictions on Chevron Corporation’s acquisition of Hess Corporation, officially setting aside a final consent order that had blocked Hess CEO John B. Hess from joining Chevron’s board of directors.
The decision, issued Thursday, marks a significant shift in the Commission’s stance on a high-profile merger challenged under the previous administration. Originally finalized in January 2025, the consent order stemmed from FTC allegations that Mr. Hess had engaged in “supportive messaging” with representatives of OPEC. The Commission argued that his presence on Chevron’s board might heighten the risk of coordination between Chevron and OPEC on oil production levels.
Critics of the order, including current FTC Chairman Andrew N. Ferguson and Commissioner Melissa Holyoak, dissented from the beginning. Both maintained that the order lacked substantive evidence of competitive harm and ignored the Commission’s own standards.
Following a petition submitted by Chevron and Hess in March 2025, and after considering more than 3,000 public comments, the Commission reassessed the original complaint. The FTC concluded that the complaint:
- Did not allege any violation of Section 7 of the Clayton Act,
- Contained no claim that the Chevron-Hess merger would reduce competition or significantly increase market concentration,
- Lacked allegations that the deal would raise the likelihood of coordinated output reductions,
- And deviated from established merger guidelines and precedent.
The Commission ultimately determined that continuing to enforce the order would erode its credibility and run counter to its statutory mission. Granting the petition, the FTC voided the restriction, thereby allowing Mr. Hess to join Chevron’s board without limitation.
The Commission’s action underscores a broader reassessment of antitrust enforcement priorities under the current leadership and signals a potential pivot toward a more traditional, evidence-based framework in merger reviews.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.