The US antitrust regulator will allow Chevron Corp. to proceed with its $53 billion acquisition of Hess Corp. on the condition Chief Executive Officer John Hess is barred from the supermajor’s board, alleging he improperly communicated with OPEC.

NEW YORK, September 30, 2024 -- ( BUSINESS WIRE )--Hess Corporation (NYSE: HES) today announced that the Federal Trade Commission (FTC) antitrust review of the Chevron-Hess merger has been completed, satisfying one of the closing conditions for the transaction.

FTC’s latest findings bolster claims of collusion among shale producers raised in ongoing Congressional probes and major class-action lawsuits.