From Zacks Investment Research: 2025-02-21 15:00:13

Exxon Mobil Corporation’s acquisition of Pioneer Natural Resources and Chevron Corporation’s merger with Hess Corporation received final approval from the FTC. The decisions were not unanimous, with a 3-2 vote. The FTC imposed restrictions on former executives from joining the merged companies’ boards due to evidence of communication with OPEC representatives. The goal is to prevent collusion and ensure fair competition in the oil and gas industry. The FTC also placed conditions on Scott Sheffield of Pioneer and John Hess of Hess Corporation in their respective mergers with Exxon Mobil and Chevron. The companies currently hold a Zacks Rank #3.



Read more at Zacks Investment Research: Exxon-Pioneer, Chevron-Hess Mergers Receive Conditional FTC Approvals – February 21, 2025