John B. Hess

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Shale executives face antitrust suits over OPEC coordination

As of September 2026: Named defendant in September 2026 New York class action

In 2024 the Federal Trade Commission approved two giant oil mergers on one condition: the acquired CEOs would not join the acquirer's board. The agency said their private OPEC communications risked aligning US output with the cartel.

Updated Sep 26

Notable Quotes

"We are very pleased that our merger with Chevron has cleared this significant regulatory hurdle." — John Hess, September 2024

from Shale executives face antitrust suits over OPEC coordination · Updated Sep 26

"The swing supplier going forward and really the Federal Reserve of oil prices is going to be OPEC." — Hess on a July 2021 earnings call

from Shale executives face antitrust suits over OPEC coordination · Updated Sep 26