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Pump the brakes on $53B Chevron-Hess merger, Chuck Schumer tells FTC

Pump the brakes on $53B Chevron-Hess merger, Chuck Schumer tells FTC

 

Senate Majority Leader Chuck Schumer has called on the Federal Trade Commission to hit the brakes on Chevron's  proposed $53B acquisition of Hess Corp, warning that the deal would give Big Oil "more fuel to raise gas prices."

"I'm sounding the alarm against yet another proposed Big Oil merger - a $53B deal between Chevron and Hess," Schumer said on social media platform X.

"Trump might be hosting dinners for Big Oil execs, but the FTC should side with consumers and pump the brakes on this deal," he added.

Schumer has long been calling for increased scrutiny of recent Big Oil deals. He'd previously urged FTC Chair Lina Khan to investigate the Chevron-Hess deal as well as Exxon Mobil's $60B acquisition of Pioneer Natural Resources, which closed this month under the condition that Scott Sheffield, Pioneer's former head, would not join Exxon's board.

"These acquisitions could be disastrous for American consumers – greatly reducing competition and driving up gas prices at the pump," he'd said in a letter, along with 22 Democratic senators.

Chevron announced a $53B all-stock deal to buy Hess to expand its U.S. footprint and add Hess' 30% stake in rival Exxon's massive Guyana oil project.

The deal's closing date was recently pushed by six months to October 22, after Exxon filed an arbitration case to claim a right to a first refusal over any sale of Hess' stake in the block. Exxon CEO Darren Woods said the arbitration could drag on to next year.

Read the latest issue of the OGV Energy magazine HERE

Published: 14-05-2024

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