06:48 AM EDT, 09/24/2024 (MT Newswires) -- The US Federal Trade Commission is set to approve Chevron's ( CVX ) $53 billion acquisition of Hess (HES) as early as this week, Reuters reported Tuesday, citing two unnamed sources familiar with the matter.

This decision will leave Exxon's (XOM) challenge as the final obstacle to the merger, which was first announced in October, the report said.

Exxon and CNOOC, Hess's partners in a Guyana joint venture, are disputing the deal, claiming a right of first refusal over Hess's assets in the region, the report said.

The deal's closing has been delayed by this challenge, with a three-judge arbitration panel set to review the case in May. Chevron ( CVX ) and Hess expect the decision by August, while Exxon expects it by September of next year, the report said.

The FTC, Chevron ( CVX ), and Hess did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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