The US Federal Trade Commission has set aside two Biden-era antitrust rulings, allowing John Hess and Scott Sheffield to join the boards of Chevron and ExxonMobil, reversing its previous stance on competition.
The agency on Thursday unanimously overturned a January ruling that prohibited Hess’s appointment to Chevron’s board over concerns that he had offered “supportive messaging” to Opec representatives to keep oil prices high. It said the FTC’s original complaint had failed to prove an antitrust violation.
A Chevron spokesperson said: “We are very pleased with the FTC’s unanimous decision. Mr Hess is a highly respected industry leader and our board would benefit from his global experience, relationships and expertise.”
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