Letter Text (PDF)

Boston (August 5, 2025) - Senator Edward J. Markey (D-Mass.), member of the Commerce, Science, and Transportation Committee, today wrote to Chairman of the Federal Trade Commission (FTC) Andrew Ferguson and FTC Commissioners Melissa Holyoak and Mark Meador. In his letter, Senator Markey questioned the FTC’s reversal of its decision to ban two oil executives from joining the boards of two of the largest U.S. oil companies, which was based on the executives’ documented collusion with the Organization of Petroleum Exporting Countries (OPEC) to raise oil prices on Americans by conspiring to decrease oil production.

In 2024, the FTC banned Hess Corporation CEO John Hess from joining Chevron’s board following the companies’ $53-billion merger and Pioneer Natural Resources CEO Scott Sheffield from joining ExxonMobil’s board following their $60-billion merger. These bans were put in place after the executives were found to have exchanged hundreds of messages with OPEC representatives to coordinate production cuts and drive up prices. However, in July, the FTC reversed its ban without providing a sufficient explanation as to why it now accepts collusion with foreign actors to the detriment of American households.

In the letter, Senator Markey writes, “By reversing your own 2024 ban on former Hess Corporation CEO John Hess and Pioneer Natural Resources CEO Scott Sheffield, the Commission has opened the door for individuals with a documented history of coordinating with foreign oil cartels to shape U.S. energy production. This action undermines the FTC’s core mission of protecting competition, threatens to drive up fuel prices for American consumers, and raises serious questions about whether the agency is prioritizing corporate interests over the public good.”

Senator Markey continues, writing that the decision to allow Hess and Sheffield to rejoin the boards of the post-merger companies: “hands influence over the operations of two of America’s largest energy companies to individuals who, according to your own findings, were willing to work with foreign governments to manipulate global oil supply and drive up prices for U.S. families. It risks enabling further coordination between U.S. producers and OPEC, undermining competition in domestic energy markets, and eroding public trust in the FTC as an impartial enforcer of antitrust law.”

Sen. Markey requested responses to the following questions by August 18, 2025:

• Do you believe it is appropriate for U.S. fossil fuel executives to communicate with foreign powers regarding production cuts that result in higher energy prices for American households?
• Do you dispute that the FTC’s September 2024 complaint documented private and public statements evidencing collusion between Mr. Hess, Mr. Sheffield, and OPEC leaders?
• Did you receive any direction from the White House to reopen or reverse the September 2024 decision?
• How do you justify lifting the ban on Mr. Hess and Mr. Sheffield from serving on the boards of Chevron and ExxonMobil given the findings of coordinated price manipulation?
• Does the FTC believe that allowing these executives to direct company strategy is consistent with its mandate to prevent collusion and price-fixing in energy markets?
• How does the Commission assess the impact this decision will have on current and future energy prices for American consumers?

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