Monday, December 23

Tag: Chevron

Chevron to Buy Hess for $53 Billion
23Oct By adminNo Comments
World

Chevron to Buy Hess for $53 Billion

Updated Oct. 23, 2023 1:50 pm ETChevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil’s deal to buy Pioneer Natural Resources. The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Chevron and Exxon Might Have Kicked Off an Oil Land Grab
23Oct By adminNo Comments
Money

Chevron and Exxon Might Have Kicked Off an Oil Land Grab

The smell of mergers and acquisitions is in the air following more than $110 billion worth of oil megadeals this month—Chevron’s agreement to buy Hess and Exxon Mobil’s deal for Permian giant Pioneer Natural Resources. Who’s next?Deal talks are already under way. Devon Energy, another top Permian producer, is said to be eyeing targets that include Marathon Oil and CrownRock, according to a report from Bloomberg. Gas producer Chesapeake Energy is reportedly considering an acquisition of Southwestern Energy, according to Reuters.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Chevron to buy Hess for $53 billion, marking the second giant oil deal this month
23Oct By adminNo Comments
Money

Chevron to buy Hess for $53 billion, marking the second giant oil deal this month

Chevron said Monday it will buy Hess Corp. for $53 billion, marking the second major oil deal this month as major producers seize the initiative while oil prices surge.The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion. Chevron is paying for Hess with stock, with shareholders receiving 1.025 shares of Chevron for each Hess share. Chevron said the deal is valued at $60 billion, including debt.The acquisition of Hess will add a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota to Chevron's portfolio. Crude prices have jumped 9% this year and have been hovering around $90 per barrel for about two months. Energy prices spiked sharply immediately after Russia in...
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