HOUSTON, Texas — Chevron Corp. announced Friday that it has completed its acquisition of Hess Corp. The combined company has one of the most advantaged and differentiated portfolios in the industry, with leading positions in critical energy markets around the world, according to a Chevron news release.

In addition, on July 17, the Federal Trade Commission (FTC) lifted a restriction that cleared the way for former HESS CEO John Hess to join Chevron’s board of directors, subject to board approval.

“This merger of two great American companies brings together the best in the industry,” said Chevron Chairman and CEO Mike Wirth in the release. “The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders. Additionally, I’m pleased with the FTC’s unanimous decision. John is a respected industry leader, and our board would benefit from his experience, relationships and expertise.”

“We are proud of everyone at Hess for building one of the industry’s best growth portfolios including Guyana, the world’s largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer,” John Hess said in the release. “The strategic combination of Chevron and Hess creates a premier energy company positioned for the future.”

Chevron now owns a 30% position in the Guyana Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered recoverable resource; 463 thousand net acres of high-quality inventory in the Bakken; complementary assets in the Gulf of America with 31 thousand barrels of oil equivalent per day; and natural gas assets in Southeast Asia with 57 thousand barrels of oil equivalent per day. Chevron already is a leader in the Permian Basin, Gulf of America, DJ Basin, Kazakhstan, Eastern Mediterranean and Australia.

Under the terms of the merger agreement, Hess shareholders will receive shares in Chevron.