Trump FTC could revisit final conditions of two recent oil mergers
The Federal Trade Commission (FTC) opened the door to reviewing final consent orders related to Exxon-Pioneer and Chevron-Hess mergers that further consolidated the oil and gas industry.
Both deals were approved in the final days of the Biden administration with conditions prohibiting former executives from serving on boards or advising the companies.
The companies petitioned the new FTC to set aside its consent orders barring Hess chief executive officer John B. Hess from Chevron’s board and Pioneer chief executive officer Scott Sheffield from Exxon’s board or offering any advisory services to the company.
In a rare move, the FTC on Apr. 11 said it would seek public comments on the petition for 30 days, until May 12, after which it “will vote to determine how to resolve” the issue.
A deeply divided FTC granted final approval for Exxon Mobil Corp.’s $64.5 billion purchase of Pioneer Natural Resources and Chevron Corp.’s $53 billion acquisition of Hess Corp. on Jan. 17, 2025, 3 days before Trump’s inauguration.
In the 3-2 decision, the antitrust authority ruled the bans on the executives were necessary after it “uncovered troubling evidence of public statements by US oil executives as well as direct private communications between those same executives and high-level OPEC representatives that were aimed at persuading rivals to join them in colluding to cut back oil” (OGJ Online, Jan. 19, 2025).
Republicans on the commission dissented and said the majority’s ruling was politically motivated.
Cathy Landry | Washington Correspondent
Cathy Landry has worked over 20 years as a journalist, including 17 years as an energy reporter with Platts News Service (now S&P Global) in Washington and London.
She has served as a wire-service reporter, general news and sports reporter for local newspapers and a feature writer for association and company publications.
Cathy has deep public policy experience, having worked 15 years in Washington energy circles.
She earned a master’s degree in government from The Johns Hopkins University and studied newspaper journalism and psychology at Syracuse University.
