A car passes an Exxon Mobil Corp. fuel station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020.

Andrew Harrer | Bloomberg | Getty Pictures

The CEOs of Chevron and ExxonMobil final yr mentioned the opportunity of merging the 2 firms, The Wall Street Journal reported Sunday, citing unnamed folks acquainted with the talks.

The newspaper reported that Chevron CEO Michael Wirth and Exxon CEO Darren Woods spoke in regards to the prospect after the Covid-19 pandemic started to negatively influence oil costs.

The talks are usually not ongoing and have been described as preliminary, based on the Journal. Representatives from the 2 firms declined to remark. The talks have been later reported by Reuters.

A merger between Chevron and Exxon could be among the many largest in historical past, and would doubtless face antitrust scrutiny from President Joe Biden’s Division of Justice. Each firms descend from John D. Rockefeller’s Customary Oil, which was damaged up by the Supreme Court docket in 1911.

Chevron’s market cap is $164 billion, and Exxon’s is $189 billion, which means that the mixed firm could be price north of $350 billion. The mixed agency could be the second largest oil and fuel firm on this planet, after Saudi Aramco.

Oil costs have recovered a lot of their losses since cratering in March, although they’ve remained somewhat depressed amid a slower-than-expected vaccine roll out and worries of latest coronavirus variants.

— CNBC’s Pippa Stevens contributed to this report.

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