The company said it is confident that its merger with ExxonMobil’s partner in Guyana will proceed as planned, Reuters reported. The stake Chevron bought over the last two months cost about US$3.2 billion, the report noted, representing a total of 15.38 million common shares in Hess Corp.
Chevron announced plans to acquire Hess for some US$53 billion in one of a series of so-called megadeals that began in 2023, amid the war-driven rally on oil and gas prices. The announcement, made in October of that year, followed closely the news that Exxon had agreed to take over Pioneer Natural Resources in a deal worth US$59.5 billion, to become the leader in the Permian.
Read Full Article