Breanne Deppisch is an energy and climate policy reporter at the Washington Examiner. A former national political reporter, she has closely covered campaigns, Congress, and the White House since 2016.
Chevron said Monday it would purchase Hess Corporation for $53 billion, an all-stock transaction that solidifies U.S. oil majors' long-term reliance on fossil fuels amid sustained high prices and expected global demand.
“This combination is aligned with our objective to safely deliver higher returns and lower carbon,” Chevron Chairman and CEO Mike Wirth said on Monday, adding that the deal"positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets."
In acquiring Hess, Chevron will join Exxon and China's state-owned CNOOC, the only other active oil producers operating in Guyana. The projects are expected to produce a combined 1.2 million barrels of oil per day by 2027 and will increase Chevron's total oil and gas output by 10%.
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Chevron to buy Hess Corp for $53 billion in all-stock dealChevron said on Monday it will buy smaller rival Hess in a $53-billion all-stock deal. Chevron is offering $171 for every Hess share, implying a premium of…
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Chevron to acquire Hess Corp. in $53 billion all-share dealBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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Chevron to acquire Hess Corp for $53 billion in stock in latest oil megadealChevron to acquire Hess Corp for $53 billion in stock in latest oil megadeal
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Chevron to Buy Hess for $53 BillionThe company said it would buy Hess in an all-stock deal worth $53 billion, in the latest sign of consolidation in an oil-and-gas industry flush with cash.
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