Notice2025-06564

Petition of Chevron Corporation and Hess Corporation To Reopen and Set Aside Order

Primary source

Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.

Published
April 17, 2025

Issuing agencies

Federal Trade Commission

Abstract

Chevron Corporation and Hess Corporation (collectively, the "Respondents"), have asked the Federal Trade Commission ("FTC" or "Commission") to reopen and set aside the Commission's Decision and Order entered on January 17, 2025, concerning Chevron's acquisition of Hess. Publication of Respondents' petition is not intended to affect its legal status or its final disposition.

Full Text

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<title>Federal Register, Volume 90 Issue 73 (Thursday, April 17, 2025)</title>
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[Federal Register Volume 90, Number 73 (Thursday, April 17, 2025)]
[Notices]
[Pages 16130-16134]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06564]


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FEDERAL TRADE COMMISSION

[Docket No. C-4814]


Petition of Chevron Corporation and Hess Corporation To Reopen 
and Set Aside Order

AGENCY: Federal Trade Commission.

ACTION: Announcement of petition; request for comment.

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SUMMARY: Chevron Corporation and Hess Corporation (collectively, the 
``Respondents''), have asked the Federal Trade Commission (``FTC'' or 
``Commission'') to reopen and set aside the Commission's Decision and 
Order entered on January 17, 2025, concerning Chevron's acquisition of 
Hess. Publication of Respondents' petition is not intended to affect 
its legal status or its final disposition.

DATES: Comments must be received on or before May 12, 2025.

ADDRESSES: Interested parties may file comments online or on paper, by 
following the instructions in the Request for Comment part of the 
SUPPLEMENTARY INFORMATION section below. Please write: ``Chevron/Hess 
Petition to Reopen; Docket No. C-4814'' on your comment and file your 
comment online at <a href="https://www.regulations.gov/docket/FTC-2025-0029/document">https://www.regulations.gov/docket/FTC-2025-0029/document</a> by following the instructions on the web-based form. If you 
prefer to file your comment on paper, please mail your comment to the 
following address: Federal Trade Commission, Office of the Secretary, 
600 Pennsylvania Avenue NW, Mail Stop H-144 (Annex O), Washington, DC 
20580.

FOR FURTHER INFORMATION CONTACT: Peter Richman (202-326-2563), Bureau 
of Competition, Federal Trade Commission, 600 Pennsylvania Avenue NW, 
Washington, DC 20580.

SUPPLEMENTARY INFORMATION: Pursuant to section 6(g) of the Federal 
Trade Commission Act, 15 U.S.C. 46(g), and FTC Rule 2.51, 16 CFR 2.51, 
notice is hereby given that the above-captioned petition has been filed 
with the Secretary of the Commission and is being placed on the public 
record for a period of 30 days. After the period for public comments 
has expired and no later than 120 days after the date of the filing of 
the request, the Commission shall determine whether to reopen the 
proceeding and modify the Order as requested. In making its 
determination, the Commission will consider, among other information, 
all timely and responsive comments submitted in connection with this 
notification.

[[Page 16131]]

    The text of the petition is provided below. An electronic copy of 
the filed petition and any public exhibits attached to it can be 
obtained from the FTC website at this URL: <a href="https://www.ftc.gov/legal-library/browse/cases-proceedings/241-0008-chevronhess-matter">https://www.ftc.gov/legal-library/browse/cases-proceedings/241-0008-chevronhess-matter</a>.
    You can file a comment online or on paper. For the Commission to 
consider your comment, we must receive it on or before May 12, 2025. 
Write ``Chevron/Hess Petition to Reopen; Docket No. C-4814'' on your 
comment. Your comment--including your name and your State--will be 
placed on the public record of this proceeding, including, to the 
extent practicable, on the <a href="http://www.regulations.gov">www.regulations.gov</a> website.
    Because of the agency's heightened security screening, postal mail 
addressed to the Commission will be subject to delay. We strongly 
encourage you to submit your comments online through the 
<a href="http://www.regulations.gov">www.regulations.gov</a> website. If you prefer to file your comment on 
paper, write ``Chevron/Hess Petition to Reopen; Docket No. C-4814'' on 
your comment and on the envelope, and mail your comment to the 
following address: Federal Trade Commission, Office of the Secretary, 
600 Pennsylvania Avenue NW, Mail Stop H-144 (Annex O), Washington, DC 
20580. If possible, submit your paper comment to the Commission by 
overnight service.
    Because your comment will be placed on the publicly accessible 
website at <a href="http://www.regulations.gov">www.regulations.gov</a>, you are solely responsible for making 
sure that your comment does not include any sensitive or confidential 
information. In particular, your comment should not include any 
sensitive personal information, such as your or anyone else's Social 
Security number; date of birth; driver's license number or other State 
identification number, or foreign country equivalent; passport number; 
financial account number; or credit or debit card number. You are also 
solely responsible for making sure your comment does not include any 
sensitive health information, such as medical records or other 
individually identifiable health information. In addition, your comment 
should not include any ``trade secret or any commercial or financial 
information which . . . is privileged or confidential''--as provided by 
section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 
16 CFR 4.10(a)(2)--including in particular competitively sensitive 
information such as costs, sales statistics, inventories, formulas, 
patterns, devices, manufacturing processes, or customer names.
    Comments containing material for which confidential treatment is 
requested must be filed in paper form, must be clearly labeled 
``Confidential,'' and must comply with FTC Rule 4.9(c). In particular, 
the written request for confidential treatment that accompanies the 
comment must include the factual and legal basis for the request and 
must identify the specific portions of the comment to be withheld from 
the public record. See FTC Rule 4.9(c). Your comment will be kept 
confidential only if the General Counsel grants your request in 
accordance with the law and the public interest. Once your comment has 
been posted on <a href="http://www.regulations.gov">www.regulations.gov</a>--as legally required by FTC Rule 
4.9(b)--we cannot redact or remove your comment from that website, 
unless you submit a confidentiality request that meets the requirements 
for such treatment under FTC Rule 4.9(c), and the General Counsel 
grants that request.
    Visit the FTC website at <a href="https://www.ftc.gov">https://www.ftc.gov</a> to read this document 
and the news release describing this matter. The FTC Act and other laws 
that the Commission administers permit the collection of public 
comments to consider and use in this proceeding, as appropriate. The 
Commission will consider all timely and responsive public comments that 
it receives on or before May 12, 2025. For information on the 
Commission's privacy policy, including routine uses permitted by the 
Privacy Act, see <a href="https://www.ftc.gov/site-information/privacy-policy">https://www.ftc.gov/site-information/privacy-policy</a>.
    Authority: 15 U.S.C. 46, 5 U.S.C. 552.

April J. Tabor,
Secretary.

Text of Petition by Chevron Corporation and Hess Corporation To Reopen 
and Set Aside the Order

    Pursuant to section 5(b) of the Federal Trade Commission Act, 15 
U.S.C. 45(b), and section 2.51 of the Federal Trade Commission Rules of 
Practice, 16 CFR 2.51, Respondents Chevron Corporation (``Chevron'') 
and Hess Corporation (``Hess'') (collectively, the ``Respondents'') 
respectfully request that the Commission reopen and set aside the 
Commission's Decision and Order entered on January 17, 2025,\1\ in 
Docket No. C-4814 (the ``Order'').
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    \1\ The Order was issued on January 16, 2025, and final when 
received by the Respondents on January 17, 2025. See 16 CFR 2.34(c).
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    The Order bars Chevron from nominating, designating or appointing 
Hess CEO John B. Hess from joining Chevron's Board of Directors, as is 
required by the Respondents' merger agreement.\2\ A divided Commission 
voted to issue a Complaint alleging that Mr. Hess's appointment to the 
Chevron Board ``would heighten the risk of harm to competition, 
including meaningfully increasing the risk of industry coordination'' 
in the global market for the development, production, and sale of crude 
oil.\3\ As set forth below, and as made clear in Chairman Ferguson's 
and Commissioner Holyoak's September 30, 2024 dissenting statements, 
the Commission's Complaint failed to state a cognizable theory of 
competitive harm under section 7 of the Clayton Act, as amended, 15 
U.S.C. 18, or section 5 of the Federal Trade Commission Act, 15 U.S.C. 
45, under which to challenge the Chevron/Hess merger.\4\ The 
Respondents hereby respectfully petition the Commission to reopen and 
set aside the Order in the public interest.
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    \2\ See Decision and Order, In the Matter of Chevron Corp. & 
Hess Corp., File No. 241-0008 (Jan. 16, 2025), ] II.A. The Order 
also prohibits Chevron from appointing Mr. Hess to serve in an 
advisory or consultative capacity to Chevron or its board, with 
limited exceptions. Id. at ] II.B.
    \3\ See Complaint, In the Matter of Chevron Corp. & Hess Corp., 
File No. 241-0008 (Jan. 16, 2025), ]] 19-20, 50.
    \4\ See generally Dissenting Statement of Commissioner Andrew N. 
Ferguson, In the Matter of Chevron Corp. & Hess Corp., File No. 241-
0008 (Sep. 30, 2024) (the ``Ferguson Dissent''); Dissenting 
Statement of Commissioner Melissa Holyoak, In the Matter of Chevron 
Corp. & Hess Corp., File No. 241-0008 (Sep. 30, 2024) (the ``Holyoak 
Dissent''). While Commissioners Holyoak and Ferguson did not issue 
separate written dissents to the Commission's January 17, 2025 final 
Decision and Order, their dissents are incorporated into the final 
order, and they are referenced in Commissioner Holyoak's written 
dissent to the Commission's contemporaneous final Decision and Order 
for the ExxonMobil matter. See Dissenting Statement of Commissioner 
Melissa Holyoak Joined by Commissioner Andrew N. Ferguson, In the 
Matter of ExxonMobil/Pioneer Res., Final Decision and Order, File 
No. 241-0004 (Jan. 17, 2025), at 1 n.3 (``I also voted today to 
reject the finalization of the Decision and Order that resolves the 
merger of Chevron and Hess. . . . My views have not changed with 
respect to the flawed nature of the complaint and consent in 
Chevron/Hess--views that continue to apply to my decision to vote 
against today's finalization of the Decision and Order [in the 
matter of ExxonMobil].'').
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I. Background

A. Merger Transaction
    On October 22, 2023, the Respondents entered into an Agreement and 
Plan of Merger (the ``Merger Agreement'') pursuant to which Chevron 
will acquire Hess. As consideration for the merger, Hess shareholders 
will receive shares of Chevron voting securities with an aggregate 
value of approximately $53 billion at signing. Among other things, 
Section 1.3(a) of the Merger Agreement requires Chevron and its Board 
of Directors, upon closing of the proposed

[[Page 16132]]

merger, to take all actions necessary to increase the size of the 
Chevron Board from twelve to thirteen members and to appoint Mr. Hess 
as a Chevron director. Upon closing of the merger, Hess's shareholders 
will hold in the aggregate approximately 15 percent of Chevron's 
outstanding voting securities, and the covenant to appoint Mr. Hess to 
Chevron's Board is consistent with board representation for those 
shareholders, as well as with their expectations when they voted to 
approve the merger. Mr. Hess's appointment to Chevron's Board is also 
consistent with Chevron's communications to Hess before the Merger 
Agreement was signed, in which Chevron conveyed its desire that Mr. 
Hess join the Chevron Board upon the closing of the merger. Chevron's 
commitment to appoint Mr. Hess as one of thirteen members of the 
Chevron Board is a fundamental part of the overall merger transaction.
    The Respondents have not yet closed the merger. On May 28, 2024, 
holders of a majority of Hess's outstanding common stock voted to 
approve the merger. Hess Guyana Exploration Limited (``HGEL''), a 
wholly owned subsidiary of Hess, is currently in arbitration relating 
to the applicability of a right of first refusal (the ``Stabroek 
ROFR'') contained in the operating agreement among HGEL and affiliates 
of Exxon Mobil Corporation and China National Offshore Oil Corporation 
to the merger. An arbitration merits hearing about the applicability of 
the Stabroek ROFR to the merger has been scheduled for May 2025, with a 
decision expected in the following three months.
B. The Order
    On January 17, 2025, on the last Federal working day before the 
change of administrations, the Commission finalized the Order following 
a 3-to-2 vote. The Order bars Chevron from nominating, designating, or 
appointing Mr. Hess to the Chevron Board, or allowing Mr. Hess to serve 
in an advisory or consulting capacity to, or as a representative of, 
Chevron or the Chevron Board, other than with respect to interactions 
and discussions with (a) Guyanese government officials about Hess's 
oil-related and health ministry-related activities in Guyana, and (b) 
the Salk Institute's Harnessing Plants Initiative.
    By its terms, the Order will terminate in ten years. Unless set 
aside, the Order will preclude Chevron from fulfilling its contractual 
obligation to appoint Mr. Hess to the Chevron board upon closing of the 
merger, and deprive shareholders of the benefit of his service.
    The Respondents acknowledge that a majority of the prior Commission 
voted to issue the Order pursuant to an Agreement Containing Consent 
Order among Chevron, Hess, and the Commission staff (the ``ACCO''). The 
Respondents did not sign the ACCO because they agreed with the prior 
Commission's characterization of the facts, or with its interpretation 
and application of section 7 or section 5 to those facts. As explicitly 
noted in the document, the ACCO was ``for settlement purposes only and 
does not constitute an admission . . . that the law has been violated 
as alleged in the Draft Complaint, or that the facts as alleged in the 
Draft Complaint, other than jurisdictional facts, are true.'' \5\ 
Chevron and Hess entered into the ACCO solely to satisfy a key closing 
condition to their Merger Agreement, and thereby to reduce uncertainty 
and facilitate a more prompt closing of the proposed transaction, in 
the best interest of each company's shareholders. As noted in the 
Ferguson Dissent, in getting the Respondents to agree to the ACCO, 
``[t]he Commission leveraged its Hart-Scott-Rodino Act authority by 
threatening to hold up Chevron and Hess's $53 billion merger even 
though the lack of a plausible section 7 theory had long been 
obvious.'' \6\ That the Respondents acceded to this leverage should not 
factor into the Commission's decision whether to reopen and set aside 
this Order.
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    \5\ Agreement Containing Consent Order, In the Matter of Chevron 
Corp. & Hess Corp., File No. 241-0008 (Sept. 23, 2024), at ] 5.
    \6\ Ferguson Dissent at 5-6 (citation omitted).
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C. The Respondents' Compliance With the Order
    Chevron has been in compliance with the Proposed Decision and Order 
contained in the ACCO since it was executed on September 23, 2024, and 
with the Order since it was finalized on January 17, 2025, as reflected 
in the required compliance reports filed by Chevron on October 23, 
2024; November 22, 2024; December 20, 2024; and March 17, 2025.

II. The Commission Should Reopen and Set Aside the Order in the Public 
Interest

    Respondents subject to a Commission decision containing an order 
which has become effective may file a request that the Commission 
reopen the proceeding to consider whether the order should be altered, 
modified, or set aside in whole or in part, if the public interest 
requires it.\7\
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    \7\ See 16 CFR 2.51.
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    Here, public interest in the effective enforcement of the antitrust 
laws, as well as in the continued investment in oil and gas production 
championed by Mr. Hess, is best served by setting aside the Order and 
allowing Mr. Hess to join Chevron's Board.
A. Setting Aside the Order Serves the Public Interest in the Effective 
Enforcement of the Antitrust Laws, as the Complaint Failed To State a 
Cognizable Theory of Harm Under Section 7 or Section 5
    Section 7 prohibits acquisitions the effect of which ``may be 
substantially to lessen competition, or to tend to create a monopoly,'' 
\8\ and section 5 declares unlawful ``unfair methods of competition in 
or affecting commerce.'' \9\ As noted in the Holyoak Dissent, the 
Complaint ``does not take issue with Chevron's acquisition of Hess 
Corporation's assets. Nor could it.'' \10\ The Respondents' combined 
share in the global market for oil and gas is in the low single digits, 
and Hess's incremental portion of that share--what Hess will add to 
Chevron post-close--is de minimis. Even under the agencies' 2023 Merger 
Guidelines, the Respondents' combined share is far below the level at 
which a merger could be presumed to harm competition. The fact that the 
prior Commission, after its months-long investigation into the 
Respondents' operations, allowed the merger to proceed without any 
structural or behavioral remedies demonstrates that there are no 
anticompetitive grounds on which to challenge the combination of these 
two companies. That fact was amplified by Senator Mike Lee and 
Congressman Jim Jordan in their November 18, 2024 joint letter to 
former Chair Khan: ``These mergers did not present any anticompetitive 
concerns, thus the FTC's consent decrees are unwarranted and did 
nothing to enforce the Clayton Act or protect consumers from 
anticompetitive harm.'' \11\
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    \8\ 15 U.S.C. 18.
    \9\ 15 U.S.C. 45(a)(1).
    \10\ Holyoak Dissent at 2.
    \11\ Letter from Sen. Mike Lee and Congressman Jim Jordan to 
Chair Lina Khan (Nov. 18, 2024), at 2, <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-11-18%20JDJ%20Lee%20to%20Khan%20re%20Exxon%20Pioneer%20Chevron%20Hess%20briefing.pdf">https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-11-18%20JDJ%20Lee%20to%20Khan%20re%20Exxon%20Pioneer%20Chevron%20Hess%20briefing.pdf</a>.
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    Rather, the prior Commission relied on a novel theory on which to 
extract a concession from the parties, focused not on the two 
companies' asset footprints and oil and gas production, but rather on 
the appointment of Mr. Hess to Chevron's Board of Directors.

[[Page 16133]]

Pointing to certain communications by Mr. Hess with Organization of the 
Petroleum Exporting Countries (``OPEC'') officials and a representative 
of an OPEC member State--but without alleging any improper collusion--
the Commission alleged that, through the merger, Mr. Hess would have 
access to Chevron's ``broader platform'' from which to continue such 
communications, and in turn increase the likelihood that Chevron would 
collude with OPEC regarding the supply and price of oil and gas.
    This allegation fails to state a cognizable antitrust theory of 
harm. As highlighted in the Holyoak Dissent,

    Nothing in the complaint alleges that Mr. Hess has ever attempted 
to, or coordinated with, a rival.
* * * * *
    Taking the allegations and the implications against Mr. Hess as 
true, neither he nor Hess Corporation ever coordinated or attempted to 
coordinate with Hess Corporation's rivals.\12\
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    \12\ Holyoak Dissent at 2, 4.

    Given that fact, there is no basis under the 2023 Merger Guidelines 
to conclude the proposed merger would violate section 7 or section 5 
under a coordinated effects theory of competitive harm. But as also 
noted in the Holyoak Dissent, ``the tangible and intangible assets of 
Hess Corporation have nothing to do with the violation of law [alleged 
in the prior Commission's complaint]--it's all about the acquisition of 
Mr. Hess.'' This theory of harm, Commissioner Holyoak notes, is 
``farcical'' and one that ``[c]ertainly no court would endorse.'' \13\
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    \13\ Id. at 2.
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    Even were the Respondents to accept that this is a plausible theory 
of harm under section 7, it fails on its own terms. As highlighted in 
the Ferguson Dissent, this theory assumes that: (i) Chevron would allow 
Mr. Hess to continue such communications post-closing of the 
transaction; (ii) that such communication is made worse by the 
transaction--a transaction through which Mr. Hess's role would be 
reduced from CEO and significant shareholder (as he currently is in 
Hess Corporation) to non-executive member of a thirteen-person Board 
(as he would be at Chevron post-merger); and (iii) that this conduct 
would have a significant effect on global oil prices, which, as stated 
above, is implausible given the Respondents' low combined shares and 
lack of any coordinated behavior or sharing of competitively sensitive 
information. The Complaint provides no justification for any of these 
three assumptions.
    While the former Chair touted the withdrawal of Mr. Hess's 
nomination to the Chevron Board in exchange for clearance of the 
Respondents' merger in a list of Commission Accomplishments achieved 
under her tenure,\14\ the Ferguson Dissent rightly notes that this 
settlement ``does not vindicate the rule of law,'' but rather serves to 
further reduce antitrust enforcement to a ``pay-for-peace racket 
inflict[ing] serious injury on the rule of law--and on the Commission's 
credibility.'' \15\ Preserving the Commission's credibility is 
paramount to the public interest in the effective enforcement of the 
antitrust laws, and this interest is best served by setting aside the 
Order in recognition of the Complaint's deficiencies.
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    \14\ Federal Trade Commission Accomplishments, June 2021-January 
2025 (Jan. 19, 2025), at 16, <a href="https://www.ftc.gov/system/files/ftc_gov/pdf/ftc-accomplishments-june-2021-january-2025.pdf">https://www.ftc.gov/system/files/ftc_gov/pdf/ftc-accomplishments-june-2021-january-2025.pdf</a> (claiming 
the Order and the ExxonMobil/Pioneer settlement ``[a]dvanced the 
increased risk of coordination as a basis for Section 7 
liability'').
    \15\ Ferguson Dissent at 6, 7.
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B. The Public Interest in Continued Investment in Oil and Gas Supply Is 
Served by Setting Aside the Order
    In addition to the public's interest in the just enforcement of the 
antitrust laws, there is a significant public interest in continued 
investment in oil and gas supply. Ensuring that U.S. oil and gas 
producers can meet expected increases in consumer demand for energy is 
vital to the interest of consumers, downstream industries that rely on 
oil and gas production, as well as U.S. national and energy 
security.\16\
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    \16\ See Exec. Order No. 14156, 90 FR 8433, 8433 (Jan. 29, 
2025), <a href="https://www.federalregister.gov/documents/2025/01/29/2025-02003/declaring-a-national-energy-emergency">https://www.federalregister.gov/documents/2025/01/29/2025-02003/declaring-a-national-energy-emergency</a> (``The integrity and 
expansion of our Nation's energy infrastructure--from coast to 
coast--is an immediate and pressing priority for the protection of 
the United States' national and economic security.'').
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    Mr. Hess has spent his career advocating for such an increase in 
investment to grow oil and gas supply, for the benefit of consumers, 
workers, and U.S. energy security. Throughout his career, Mr. Hess has 
been recognized as an industry authority on energy policy. He has been 
called on to advise U.S. administrations on their energy policy, 
including as an informal advisor to members of the cabinets of 
Presidents Clinton, Bush, Obama, Biden, and Trump.
    As CEO of Hess, Mr. Hess has put this advocacy for greater 
investment into practice. Under Mr. Hess's leadership, Hess has 
differentiated itself from its peers with the highest levels of cash 
flow reinvestment in the industry in order to increase future oil and 
gas supply. This prioritization of reinvestment for long-term 
production growth is manifest in Hess's global production of oil and 
gas, which grew from 101 million barrels of oil equivalent in 2018 to 
144 million barrels in 2023, an increase of nearly 45 percent.\17\ This 
reinvestment strategy is projected to yield further robust growth in 
the near-term: a recent Bloomberg analyst consensus projects Hess will 
achieve a 14 percent compound annual growth rate (``CAGR'') over the 
years 2023 to 2025, compared to the median cohort CAGR of two 
percent.\18\ This projected organic growth rate is approximately double 
that of Hess's closest peer, and is multiples of that of U.S. major oil 
and gas producers. Hess, under Mr. Hess's leadership, has chosen to 
invest its capital in future oil and gas production for the long term, 
rather than return capital to shareholders.
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    \17\ Hess Corp., 2020 Annual Report (Mar. 2021), at 7, <a href="https://investors.hess.com/static-files/0869f80e-06ec-419d-b18a-b51d34968c44">https://investors.hess.com/static-files/0869f80e-06ec-419d-b18a-b51d34968c44</a>; Hess Corp., 2023 Annual Report (Feb. 2024), at 12, 
<a href="https://investors.hess.com/static-files/64c3f1e7-08e2-40b1-9190-ca2492e17343">https://investors.hess.com/static-files/64c3f1e7-08e2-40b1-9190-ca2492e17343</a>.
    \18\ These data are based on FactSet, Enverus, and Bloomberg 
consensus estimates as of July 8, 2024. The 2023-2025 production 
growth estimates are pro forma for announced mergers, acquisitions, 
and divestitures per public company disclosures.
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    This record shows Mr. Hess's longstanding commitment in investing 
to grow long-term oil and gas supply; it is this same commitment that 
first led Chevron to propose his appointment to the Chevron Board under 
the Merger Agreement, and that would make Mr. Hess an asset to the 
Chevron Board. At this vital moment when the administration looks to 
expand oil and gas production, it is in the public interest that Mr. 
Hess be allowed to continue this work.

III. Conclusion

    The Respondents agree with Chairman Ferguson that ``[n]othing in 
[s]ection 7 requires Mr. Hess to stay off the Chevron board.'' \19\ 
Consistent with the discussion above, the Respondents respectfully 
request that the Commission reopen and set aside the Order. Setting 
aside the Order is consistent with the public interest in the 
Commission's appropriate and effective enforcement of the antitrust 
laws, and will promote long-term capital investments to grow American 
oil and gas supplies.
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    \19\ Ferguson Dissent at 6-7.

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    Dated: March 27, 2025.

    Respectfully submitted,

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Nelson O. Fitts,


[[Page 16134]]


Wachtell, Lipton, Rosen & Katz, 51 West 52nd Street, New York, New 
York 10019, Attorney for Respondent Hess Corporation.

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David A. Higbee,

A&O Shearman, 1101 New York Avenue NW, Washington, DC 20005, 
Attorney for Respondent Chevron Corporation.

[FR Doc. 2025-06564 Filed 4-16-25; 8:45 am]
BILLING CODE 6750-01-P


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