Chevron buys Hess for $53 billion in 2nd major oil merger this month

Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Crude prices rose sharply in early 2022 with Russia's invasion of Ukraine and are hovering around $90 per barrel after ticking 9% higher this year, meaning big drillers are flush with cash and looking for places to invest piles of cash.

“In addition, Hess increases Chevron’s estimated production and free cash flow growth rates over the next five years, and is expected to extend our growth profile into the next decade supporting our plans to increase our peer-leading dividend growth and share repurchases.” Chevron is paying for Hess with stock. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. Including debt, Chevron valued the deal at $60 billion.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chevron’s $53 billion Hess buyout is the 2nd biggest energy sector acquisition in 2 weeksThe deal comes after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.
Source: aldotcom - 🏆 82. / 68 Read more »

Chevron to buy Hess Corp for $53 billion in second oil mega-merger in weeksChevron agreed to buy rival Hess for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.
Source: KSLcom - 🏆 549. / 51 Read more »

Chevron buys Hess for $53 billion as the biggest US oil companies get even bigger“Everyone that Jake met, he lit up the room with them. He made an impact. They fed off his energy and his love and compassion,' Jake Todd's brother Bryan said.
Source: 9NEWS - 🏆 238. / 63 Read more »

Chevron buys Hess for $53 billion as the biggest US oil companies get even biggerAs we get closer to Halloween, we wanted to check some of the spookiest spots in Texas.
Source: KHOU - 🏆 330. / 59 Read more »