FTC to Greenlight Chevron’s $53 Billion Hess Deal, Reuters Says

By Joe Ryan

September 23, 2024 at 5:42PM EDT

A Chevron gas station in Calgary, Alberta, Canada, on Thursday, Jan. 4, 2024. Parkland holder Simpson Oil disagreed with some statements made by Parkland after Simpson's nominees resigned from the Canadian oil refiners' board. Photographer: Gavin John/Bloomberg (Gavin John/Bloomberg)

(Bloomberg) -- The US Federal Trade Commission is expected to greenlight Chevron Corp.’s $53 billion deal to buy Hess Corp., according to Reuters.

The FTC could announce the decision as soon as this week, Reuters reported, citing people familiar with the matter.

Chevron would still need to win an arbitration case filed by Exxon Mobil Corp. in order to close the deal. Hess’ biggest asset is a stake in a huge oil field off Guyana controlled by Exxon. And Exxon claims it has a right of first refusal to buy it.

Chevron’s Hess takeover would be one of the largest oil deals in recent years, coming after Exxon’s $60 billion purchase of Pioneer Natural Resources Co. in May. The delays in closing it have left both Chevron and Hess in strategic limbo.