Chevron announced on Monday that it will buy Hess Corp. in a $53-billion all-stock deal. The company will offer $171 for every Hess share, according to Reuters. “This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron Chairman and CEO Mike Wirth.
Chevron has been looking to expand oil exploration off Guyana’s shores, Reuters reported, something Hess has done with exploration ofGuyana has a 30% ownership in more than 11 billion barrels of oil equivalent discovered recoverable resource with high cash margins per barrel, strong production growth outlook and potential exploration upside.
Hess Corp’s CEO, John Hess, is expected to join Chevron’s board of directors once the deal closes around the first half of 2024. “With greater confidence in projected long-term cash generation, Chevron intends to return more cash to shareholders with higher dividend per share growth and higher share repurchases,” Chevron’s CFO Pierre Breber said in a statement.for Pioneer Natural Resources. That deal – worth around $64.5 billion – would make Exxon the biggest producer in the largest oilfield in the United States.Central District’s ‘The Postman’ closing after shooting year after death of D’Vonne Pickett Jr.