Hess CEO will consider appealing FTC board seat ban in the future

Hess' CEO said on Wednesday that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office.

As part of an agreement that allowed for the acquisition, the FTC banned John Hess's appointment to Chevron’s board. Exxon Mobil, CNOOC and Hess's joint venture partners Exxon Mobil have challenged the contract arbitration ruling that halted the $53 billion acquisition.

The FTC cited his communications with the oil producers' group OPEC to reduce oil production as the reason for its ban.

Hess, in his first public remarks since the FTC's order, said that Chevron and he accepted the conditions to obtain the approval needed for the combination.

He added, "With a newly installed administration there, this is something we will consider." He said that at this time, the focus is on "integration" of the two firms. (Reporting from Sourasis in Bengaluru, writing by Gary McWilliams).

(source: Reuters)