Chevron Corp to Acquire Hess Corp in $53 Billion All-Stock Deal

United States of America
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.


Confidence

95%

Doubts
  • The exact timeline for the completion of the deal is not confirmed.

Sources

94%

  • Unique Points
    • The deal, which is expected to close in the first half of 2024, includes the assumption of $1.5 billion in debt.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (80%)
    • Reuters is owned by Thomson Reuters Corporation, which provides professional services to many industries including the oil and gas industry. This could potentially influence their reporting on such topics.
    • Author Conflicts Of Interest (100%)
      None Found At Time Of Publication

    93%

    • Unique Points
      • The acquisition will add about 160,000 barrels of oil equivalent per day to Chevron's production.
    • Accuracy
      No Contradictions at Time Of Publication
    • Deception (100%)
      None Found At Time Of Publication
    • Fallacies (100%)
      None Found At Time Of Publication
    • Bias (100%)
      None Found At Time Of Publication
    • Site Conflicts Of Interest (75%)
      • Fox Business is owned by Fox Corporation, which is known for its conservative political bias. This could potentially influence their reporting on business and market topics.
      • Author Conflicts Of Interest (100%)
        None Found At Time Of Publication

      93%

      • Unique Points
        • The Chevron-Hess deal was one of several major mergers announced on Monday, contributing to a total of $76 billion in M&A announcements.
      • Accuracy
        No Contradictions at Time Of Publication
      • Deception (100%)
        None Found At Time Of Publication
      • Fallacies (100%)
        None Found At Time Of Publication
      • Bias (100%)
        None Found At Time Of Publication
      • Site Conflicts Of Interest (80%)
        • Bloomberg is owned by Bloomberg L.P., a global financial services and media company. The company's financial services could potentially influence their reporting on business and market topics.
        • Author Conflicts Of Interest (100%)
          None Found At Time Of Publication

        94%

        • Unique Points
          • The deal marks Chevron's largest acquisition since its failed bid for Anadarko Petroleum Corp. in 2019.
        • Accuracy
          No Contradictions at Time Of Publication
        • Deception (100%)
          None Found At Time Of Publication
        • Fallacies (100%)
          None Found At Time Of Publication
        • Bias (100%)
          None Found At Time Of Publication
        • Site Conflicts Of Interest (80%)
          • The Wall Street Journal is owned by News Corp, a company with significant interests in the media industry. This could potentially influence their reporting on business and market topics.
          • Author Conflicts Of Interest (100%)
            None Found At Time Of Publication

          94%

          • Unique Points
            • The deal is Chevron's first major acquisition since the oil price crash of 2020.
          • Accuracy
            No Contradictions at Time Of Publication
          • Deception (100%)
            None Found At Time Of Publication
          • Fallacies (100%)
            None Found At Time Of Publication
          • Bias (100%)
            None Found At Time Of Publication
          • Site Conflicts Of Interest (80%)
            • Financial Times is owned by Nikkei Inc., a company with significant interests in the media industry. This could potentially influence their reporting on business and market topics.
            • Author Conflicts Of Interest (100%)
              None Found At Time Of Publication