Chevron Corp is set to acquire Hess Corp in a $53 billion all-stock deal.
The deal is expected to close in the first half of 2024, subject to regulatory approval and customary closing conditions.
Upon completion, Hess shareholders will own approximately 15% of the combined company.
Chevron Corp, one of the world's leading integrated energy companies, has announced its intention to acquire Hess Corp, a global independent energy company engaged in the exploration and production of crude oil and natural gas, in a deal valued at $53 billion. The transaction will be an all-stock deal, as reported by multiple sources. This acquisition is part of Chevron's strategic plan to expand its energy portfolio and strengthen its position in the global energy market.
The deal, which is subject to regulatory approval and customary closing conditions, is expected to close in the first half of 2024. Upon completion of the transaction, Hess shareholders will own approximately 15% of the combined company. The acquisition is expected to generate significant synergies and create value for shareholders of both companies.
The merger is part of a larger trend of consolidation in the energy sector, as companies seek to streamline operations and increase efficiencies in response to changing market dynamics and regulatory pressures. This deal follows a series of mergers and acquisitions in the energy sector, reflecting the industry's ongoing transformation.
The deal, which is expected to close in the first half of 2024, includes the assumption of $1.5 billion in debt.
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The acquisition will add about 160,000 barrels of oil equivalent per day to Chevron's production.
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The Chevron-Hess deal was one of several major mergers announced on Monday, contributing to a total of $76 billion in M&A announcements.
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The deal marks Chevron's largest acquisition since its failed bid for Anadarko Petroleum Corp. in 2019.
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The deal is Chevron's first major acquisition since the oil price crash of 2020.
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