Mon Sep 23 21:27:00 UTC 2024: ## Chevron’s $53 Billion Hess Acquisition Nears Completion After FTC Approval
**Washington, D.C. -** The U.S. Federal Trade Commission is poised to give its approval to Chevron’s $53 billion acquisition of Hess, paving the way for the deal to close as early as this week. Two sources familiar with the matter confirmed the imminent approval, leaving ExxonMobil’s ongoing legal challenge as the sole remaining obstacle.
ExxonMobil, a key competitor in the oil industry, has filed a lawsuit to block the deal, arguing that it would stifle competition and harm consumers. The outcome of this challenge will determine the fate of the acquisition.
Chevron and Hess have been working to close the deal since June 2022, and the FTC’s approval marks a significant step forward. The deal would combine Chevron, the second-largest U.S. oil producer, with Hess, a leading player in the North Sea and Gulf of Mexico. The combined entity would create a formidable force in the global oil and gas sector.
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