Hess CEO to Consider Appealing FTC Ban on Chevron Board Seat

MT Newswires Live02:35

Hess (HES) Chief Executive John Hess said Wednesday that he has not ruled out the possibility of appealing a Federal Trade Commission ban on him taking a board seat at Chevron (CVX).

Speaking at an industry conference, Hess said he agreed with the FTC's order to keep him out of Chevron's board to "facilitate getting the FTC approval" for Chevron's proposed $53 billion acquisition of Hess.

"With the new administration in there - if that situation should change - obviously, that's something we'll consider," he said at an industry conference, according to a FactSet transcript. "But right now, we're just focused on the arbitration and the FTC is behind us."

Hess was referring to an ongoing arbitration challenge by Exxon Mobil (XOM) and China's CNOOC involving the Stabroek oil field in Guyana. Exxon Mobil, which operates the oil field and has a 45% stake in the Stabroek Block, is looking to establish its right of first refusal over Hess' 30% stake in the oil block.

Reuters earlier reported the story.

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