Oil company Chevron to acquire rival 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

Chevron's third-quarter profit fell short of Wall Street estimates, causing its shares to drop by 6%. The decline in earnings is attributed to lower crude prices...