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 Federal Trade Commission said the oil giant can acquire the smaller company as long as the chief executive of Hess does not join its board.

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.

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

Chevron (CVX) and Hess (HES) confirm completion of FTC antitrust review for merger, with Hess CEO not joining Chevron board.

WASHINGTON (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.

Chevron and Hess merger clears FTC antitrust review, but Hess CEO John Hess will not join Chevron board. Chevron CEO advocates for increased investment in oil, gas, and renewables for future energy supply.

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

HOUSTON (Reuters) -U.S. antitrust regulators will bar Hess CEO John Hess from taking a board seat as a condition of its go-ahead of oil producer Chevron's $53 billion purchase of Hess, people close to the matter said.

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