Chevron Corporation and Hess Corporation have requested the Federal Trade Commission (FTC) to review and nullify a previous order from January 17, 2025. This order stopped Chevron's efforts to appoint Hess CEO John B. Hess to Chevron's board following their merger, which was seen as potentially harming competition by increasing industry coordination. Chevron and Hess argue that the order lacks a valid antitrust basis, claiming that Mr. Hess's role would not significantly affect competition or oil prices, and that removing the order would be in the public interest to enhance U.S. energy production. The FTC is inviting the public to comment on this petition until May 12, 2025.
Simple Explanation
Chevron and Hess want a past decision by the FTC to be changed because they believe that letting the Hess boss join Chevron's board won't hurt competition or raise prices, and they think this change will help make more energy in the U.S. The FTC is inviting people to share their thoughts about this until May 12, 2025.