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AP-National

FTC opens inquiry of Chevron-Hess merger, marking second review this week of major oil industry deal

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Published 3:07 PM

By MATTHEW DALY
Associated Press

WASHINGTON (AP) — The Federal Trade Commission is investigating Chevron’s acquisition of Hess oil company, the second inquiry the independent agency has opened this week of a major oil industry merger. Chevron and Hess said in separate filings that the FTC is seeking additional information and documentary materials related to Chevron’s proposed $53 billion purchase of Hess, announced in October. The statements Friday follow an announcement earlier this week that the FTC is reviewing ExxonMobil’s proposed $60 billion acquisition of Pioneer Natural Resources. If completed, the Exxon and Chevron deals would be among the largest mergers in the energy industry in two decades.

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