FTC moves to reverse Chevron and Exxon board restrictions
The U.S. Federal Trade Commission has taken a step towards potentially reversing the bans that were placed by the Biden Administration on the joining of the boards at Exxon Mobil and Chevron as a condition for allowing them to acquire two other oil companies.
Exxon had agreed to remove former Pioneer Natural Resources CEO Scott Sheffield from the board of its company. Chevron which purchased Hess also consented to an order that kept John Hess off the board.
The FTC announced on Friday it is seeking public comments on petitions filed on behalf of Sheffield, Chevron, and Hess Corp to reverse these bans.
Exxon is the U.S. oil company No. Exxon, the No.
The FTC approved both deals, led at the time by Chair Lina K. Khan, with the condition that Hess, and Sheffield were barred from their respective boards due to concerns they might coordinate with other members.
Organization of the Petroleum Exporting Countries
Group of oil producers
John Hess as well as Sheffield both denied the allegations.
Andrew Ferguson, the FTC chairman at the time, and Republican Melissa Holyoak, a fellow commissioner, voted against these agreements because they felt that the FTC had overstepped its authority. Reporting by Doina chiacu in Washington, Ismail Shakil and J. Godoy in New York. Editing by Mark Porter.
(source: Reuters)
