The Colorado Springs Gazette

FTC opens inquiry into Chevron-hess merger

WASHINGTON • The Federal Trade Commission is investigating Chevron’s acquisition of Hess oil company, the second inquiry the independent agency has opened this week of a major oil industry merger.

Chevron and Hess said in separate filings that the FTC is seeking additional information and documentary materials related to Chevron’s proposed $53 billion purchase of Hess, announced in October.

The statements Friday follow an announcement earlier this week that the FTC is reviewing Exxonmobil’s proposed $60 billion acquisition of Pioneer Natural Resources. Such requests for information are steps the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. If completed, the Exxon and Chevron deals would be among the largest mergers in the industry in two decades.

BUSINESS

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2023-12-09T08:00:00.0000000Z

2023-12-09T08:00:00.0000000Z

https://daily.gazette.com/article/281852943349103

The Gazette, Colorado Springs