Chevron to Acquire Hess for $53 Billion

Chevron to Acquire Hess , for $53 Billion.
On Oct. 23, Chevron announced that it will buy out its competitor in an all-stock deal, Fox News reports.
The deal "upgrades and diversifies
Chevron's already advantaged portfolio,"
according to the energy company.
Hess’ Bakken assets add another
leading U.S. shale position to
Chevron’s DJ and Permian basin
operations and further strengthen
domestic energy security, Chevron, via statement.
Hess’ Bakken assets add another
leading U.S. shale position to
Chevron’s DJ and Permian basin
operations and further strengthen
domestic energy security, Chevron, via statement.
The combined company is expected
to grow production and free cash flow
faster and for longer than Chevron’s
current five-year guidance. , Chevron, via statement.
Hess CEO John Hess is slated to
join Chevron's Board of Directors.
I am proud of our people and what we have
achieved as a company, which has 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, Hess CEO, via statement.
Chevron has a world-class diversified
portfolio of assets and one of the
industry’s strongest balance sheets
and cash return profiles, John Hess, Hess CEO, via statement.
I believe our strategic combination
creates a company that is stronger in every
respect, with the leadership, asset portfolio
and financial resources to lead us through
the energy transition and deliver significant
shareholder value for years to come. , John Hess, Hess CEO, via statement.
The deal is expected to close
in the first half of 2024.
However, Hess shareholders and regulators
must first provide approval, Fox News reports