Chevron Corporation announced that the U.S. Federal Trade Commission ( FTC ) has successfully completed the antitrust review of its merger with Hess Corporation , meeting one of the key conditions for closing the transaction, valued at $53 billion.
The merger between Chevron and Hess
Chevron CEO Mike Wirth said this is a crucial step toward completing the deal, which will benefit shareholders of both companies and Guyana’s energy industry , where Hess has had a strong presence. Wirth also expressed his excitement about adding ” world-class ” assets to Chevron’s portfolio, which will further strengthen the company’s position in the energy sector.
One of the most relevant aspects of the merger is the role of John Hess, CEO of Hess Corporation . Although he will not join Chevron’s board of directors, Hess will remain linked to the company as an advisor in important areas such as government relations and social investments in Guyana . This decision was agreed upon by both parties to facilitate the closing of the operation.
Other closing conditions are still pending, including the resolution of the arbitration over preemptive rights in the Stabroek block , a highly valuable asset in Guyana. Chevron is confident that the arbitration process will confirm its favorable position. It is worth noting that Hess shareholders approved the merger in May 2024.
Chevron CEO John Hess praised his career and contributions to the industry, noting that although the Board of Directors will not be able to directly benefit from his experience, his role as an advisor will be essential to the company’s success in Guyana and other global projects.
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Source and photo: Chevron
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