US regulators will allow Chevron Corp. to move forward with its $53 billion acquisition of Hess Corp. but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC.

The FTC on Monday alleged that John Hess encouraged OPEC representatives to take action that supports higher oil prices. Hess Corp. and Chevron have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger.

The FTC cleared Chevron's $53 billion acquisition of Hess but barred CEO John Hess from joining Chevron's board after the merger, citing concerns about his previous communications with OPEC officials.

CVX's merger with Hess clears FTC review but John Hess steps into an advisory role after the FTC blocks his board appointment over OPEC-related concerns.

NEW YORK (Reuters) -The U.S. Federal Trade Commission allowed Chevron's $53 billion purchase of Hess Corp on Monday, in an order that barred Hess CEO John Hess from Chevron's board. The FTC's order leaves Exxon Mobil's challenge to the deal, which is expected to stretch deep into next year, as its final hurdle.

Oil company scion John Hess allegedly 'communicated publicly and privately with OPEC representatives and oil ministers of OPEC member states.'

As a condition of the approval, the Federal Trade Commission (FTC) has stipulated that Hess CEO John B Hess will not join Chevron's board of directors.

John Hess would be prevented from Chevron’s board as part of deal for antitrust approval of a Hess-Chevron merger.

Chevron Corp. ($CVX) is on the brink of obtaining regulatory clearance for its $53 billion acquisition of Hess Corp. ($HES) with the U.S. Federal