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ARTICLE · 11 AUGUST 2025

GT Newsletter | Competition Currents | August 2025

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On July 17, 2025, the FTC set aside final consent orders related to the Chevron-Hess merger and the Exxon-Pioneer merger that restricted certain executives from serving as directors for...

United StatesAntitrust/Competition Law

In This Issue1

United States

A. Federal Trade Commission (FTC)

FTC reopens and sets aside merger settlements related to oil company directors.

On July 17, 2025, the FTC set aside final consent orders related to the Chevron-Hess merger and the Exxon-Pioneer merger that restricted certain executives from serving as directors for the companies post-close. In its September 2024 action, the FTC restricted Hess' CEO from sitting on Chevron's board of directors due to his communications that allegedly supported the "output stabilizing agenda" of the Organization of Petroleum Exporting Countries (OPEC). Similarly, in May 2024, the FTC entered a consent decree blocking Pioneer's CEO from serving on the Exxon board due to allegations that he had "campaigned" to organize output reductions between U.S. and OPEC producers. Final Orders were approved in both matters on Jan. 17, 2025, over the objections of now-Chairman Ferguson.

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