Exxon, Chevron and FTC
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Exxon, Chevron and Hess
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Former Pioneer Natural Resources CEO Scott Sheffield told Hart Energy, “For now, I remain one of Exxon’s largest individual shareholders and as such will consider other options.”
The Federal Trade Commission under Republican Chair Andrew Ferguson has shown a more balanced regulatory approach and this case “represents an opportunity for the FTC to resolve an outdated order that no longer serves its original purpose,
Chevron can proceed with its $53 billion Hess acquisition after winning an ICC ruling and receiving FTC approval for board integration.
Hess chief executive John Hess and Pioneer founder and former chief executive Scott Sheffield are no longer barred from holding board or advisory positions at the enlarged Chevron and ExxonMobil respectively.