{"id":76048,"date":"2023-10-23T23:51:52","date_gmt":"2023-10-24T03:51:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/chevron-to-acquire-hess-in-53-billion-all-stock-deal\/"},"modified":"2023-10-23T23:51:55","modified_gmt":"2023-10-24T03:51:55","slug":"chevron-to-acquire-hess-in-53-billion-all-stock-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76048","title":{"rendered":"Chevron to acquire Hess in $53 billion all-stock deal"},"content":{"rendered":"
\n

Chevron Corp. said Monday that it\u2019s reached a deal to buy Hess Corp. in an all-stock agreement valued at $53 billion, or $171 per share. <\/p>\n

Chevron
\n CVX,
\n -3.69%<\/bg-quote>
\n called Hess\u2019s
\n HES,
\n -1.06%<\/bg-quote>
\n Stabroek block in Guyana an \u201cextraordinary asset,\u201d and said Hess\u2019s Bakke assets would give it another U.S. shale position. The energy giant expects the combined company will grow production and free cash flow faster than what\u2019s baked into Chevron\u2019s current five-year guidance. <\/p>\n

\n

Under the terms of the deal, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share, with a total enterprise value, including debt, of $60 billion. Hess Chief Executive John Hess is expected to join Chevron\u2019s board of the directors.<\/p>\n

Based on Friday\u2019s closing prices, the deal terms valued Hess shares at $171.00, or a 4.9% premium.<\/p>\n

Shares of Hess climbed 1.8% toward a record close in morning trading. In contrast, Chevron shares dropped 2.5%, enough to pace the Dow Jones Industrial Average\u2019s
\n DJIA
\n decliners. At current prices, the deal terms would only imply a 2.3% premium.<\/p>\n

Meanwhile, the Dow dropped 75 points, or 0.2%, while crude oil futures
\n CL.1,
\n +0.64%<\/bg-quote>
\n shed 1.2%.<\/p>\n

Citi analyst Alastair Syme said the Chevron-Hess deal might not have the \u201czing\u201d of the previous all-stock oil industry deals, given the \u201cmodest\u201d equity premium and the context that Hess\u2019 stock was already at record-high levels.<\/p>\n

Syme noted, however, that Hess as much of its value ahead of it given the growth in the Guyana oil fields, which is the core of Hess.<\/p>\n

\u201cSome have argued that Chevron is short long-term resource and optionality in the 2030s and saw M&A [merger and acquisition] as a necessary fix,\u201d Syme wrote in a note to clients. \u201cWe see this deal more about the opportunity to high-grade the portfolio.\u201d<\/p>\n

Earlier in October, Exxon Mobil Corp.
\n XOM,
\n -1.47%<\/bg-quote>
\n announced plans to purchase Pioneer Natural Resources
\n PXD,
\n -1.46%<\/bg-quote>
\n for $59.5 billion in another all-stock deal. That marked the biggest deal announcement of 2023, which has been lackluster on the merger front.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chevron Corp. said Monday that it\u2019s reached a deal to buy Hess Corp. in an all-stock agreement valued at $53 billion, or $171 per share. Chevron CVX, -3.69% called Hess\u2019s HES, -1.06% Stabroek block in Guyana an \u201cextraordinary asset,\u201d and said Hess\u2019s Bakke assets would give it another U.S. shale position. The energy giant expects […]<\/p>\n","protected":false},"author":1,"featured_media":76049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-76048","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nChevron to acquire Hess in $53 billion all-stock deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Chevron Corp. said Monday that it\u2019s reached a deal to buy Hess Corp. in an all-stock agreement valued at $53 billion, or $171 per share. 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