Recently, Chevron, the second largest oil and gas producer in the United States, announced that it will acquire Hess, the fourth largest oil company in the United States, in an all-stock transaction worth US$53 billion.
Chevron will pay $171 per share for Hess stock, a premium of about 4.9% to Hess's closing price on Friday, according to statements released by the two companies. Including debt, the transaction has a total enterprise value of $60 billion. The transaction is expected to close in the first half of 2024, and Hess CEO John Hess is expected to join Chevron's board of directors.
After acquiring Hess Petroleum, Chevron will acquire Hess's Stabroek block in Guyana, which has abundant reserves and strong production growth prospects, and its core assets in the Bakken shale basin in the United States. Chevron will own 30% of discovered recoverable resources in Guyana, totaling more than 3 billion barrels of oil equivalent. Chevron's mining area in the Bakken region will also expand to 465,000 net acres.
Hess Corporation is an independent energy company engaged in the exploration and production of crude oil and natural gas with significant assets offshore Guyana, North Dakota's Bakken shale gas, the deepwater Gulf of Mexico and the Gulf of Thailand.
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