05:37 AM EDT, 09/27/2024 (MT Newswires) -- (Updates with response from Chevron ( CVX ) and the FTC in the third paragraph.)

Chevron ( CVX ) has agreed that Hess (HES) Chief Executive John Hess will not join its board as part of a US Federal Trade Commission deal, Bloomberg reported Thursday, citing people familiar with the matter.

The condition enables Chevron ( CVX ) to move ahead with its proposed $53 billion acquisition of Hess, the report added, citing the people.

A Chevron ( CVX ) spokesperson told MT Newswires in an email that the company will have a release "after the FTC makes their announcement." The FTC declined to comment while Hess did not respond to a request for comment.

(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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