Barbara 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.
Chevron Corporation CVX, -1.34% said Monday that it’s reached a deal to buy Hess Corp. HES, -1.84% in an all-stock deal valued at $53 billion, or $171 per share, in stock. Chevron called Hess’s Stabroek block in Guyana an “extraordinary asset,” and said Hess’s Bakke assets add another U.S.
shale position to Chevron, and that the combined company will grow production and free cash flow faster than Chevron’s current five-year guidance. Under the terms of the deal, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share, with the total enterprise value, including debt, of $60 billion. Hess closed Friday at $163.02.
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