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.
TheFederal Trade Commissionsaid in a statement Monday that Hess communicated with the cartel and its allies, praising their efforts to stabilize oil production and reduce inventories, moves that typically raise prices. Chevron assented to a consent agreement with the FTC that will let the takeover advance.
“Mr. Hess’s communications with competitors about global oil output and other dimensions of crude ...
