Hess CEO to consider appealing FTC's board seat ban next year

Reuters11-20 22:22

Nov 20 (Reuters) - The CEO of oil producer Hess on Wednesday said he would consider appealing the Federal Trade Commission's ban on him taking a Chevron board seat when the Trump administration takes office.

The FTC barred John Hess from joining Chevron's board as part of a consent order that allowed the proposed acquisition to go ahead. The $53 billion deal has been stalled by a contract arbitration challenge by Exxon Mobil and CNOOC

, Hess's partners in a Guyana oil joint venture.

The FTC imposed the ban citing his communications with oil producers' group OPEC efforts to restrain oil production.

In first public comments since the FTC order, Hess said in response to a question why he has not appealed the order that he and Chevron accepted the condition to get the needed approval for the combination.

But he added: "With a new administration in there, that's something we'll consider. Right now, we're focused on the integration" of the two companies, he said in remarks at the Wolfe Research Oil and Gas Conference.

(Reporting by Sourasis Bose in Bengaluru; writing by Gary McWilliams)

((Gary.McWilliams@thomsonreuters.com; +1 469-691-7668;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment