Tag: Gasoline

The Federal Trade Commission took action to resolve antitrust concerns related to Chevron Corporation’s acquisition of rival oil producer Hess Corporation by approving a proposed consent order that would prohibit Chevron from appointing Hess CEO John B. Hess to its Board of Directors.

The FTC’s complaint alleges that Mr. Hess communicated publicly and privately with the past and current Secretaries General of the Organization of Petroleum Exporting Countries (OPEC) and an official from Saudi Arabia. In these communications, Mr. Hess stressed the importance of oil market stability and inventory management and encouraged these officials to take actions on these issues and speak about them at different events, the complaint alleges.

The Federal Trade Commission will require the divestiture of energy producer EP Energy Corp.’s entire business and assets in Utah. The divestiture will resolve the agency’s allegations that EnCap Energy Capital Fund XI, L.P.’s proposed $1.445 billion acquisition of EP Energy Corp. would eliminate head-to-head competition between two of only four significant producers and otherwise harm competition for the sale of Uinta Basin waxy crude oil to Salt Lake City refiners. According to the complaint, the proposed acquisition could also increase the likelihood of collusion or coordination among the remaining competitors in the Uinta Basin.  On Sept. 14, 2022, the Commission announced the final consent agreement in this matter.