Chevron Corporation is acquiring rival Hess Corporation in a $53-billion all-stock transaction that it says will upgrade and diversify its portfolio.
Chevron Corporation announced Monday that it has reached an agreement to acquire competitor Hess Corporation in an all-stock deal valued at $53 billion. The energy company says the acquisition "upgrades and diversifies Chevron’s already advantaged portfolio." "The Stabroek block in Guyana is an extraordinary asset with industry leading cash margins and low carbon intensity that is expected to deliver production growth into the next decade.
The deal will have to meet approval from Hess shareholders and regulators in order to go through. "This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets," Chevron Chairman and CEO Mike Wirth said in a statement.
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