Chevron and Exxon discussed merger last year after Covid pandemic devastated oil prices, reports say
The CEOs of Chevron and ExxonMobil last year discussed the possibility of merging the two companies, The Wall Street Journal reported Sunday, citing unnamed people familiar with the talks.
The newspaper reported that Chevron CEO Michael Wirth and Exxon CEO Darren Woods spoke about the prospect after the Covid-19 pandemic began to negatively impact oil prices.
The talks are not ongoing and were described as preliminary, according to the Journal. Representatives from the two companies declined to comment. The talks were later reported by Reuters.
A merger between Chevron and Exxon would be among the largest in history, and would likely face antitrust scrutiny from President Joe Biden's Department of Justice. Both companies descend from John D. Rockefeller's Standard Oil, which was broken up by the Supreme Court in 1911.
https://www.msn.com/en-us/money/companies/chevron-and-exxon-discussed-merger-last-year-after-covid-pandemic-devastated-oil-prices-reports-say/ar-BB1dgkOD?li=BBnb7Kz
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