{"id":4610,"date":"2023-10-23T12:46:08","date_gmt":"2023-10-23T12:46:08","guid":{"rendered":"https:\/\/infundpros.com\/markets\/chevron-to-buy-hess-for-53-billion-in-stock-oil-mergers-are-surging\/"},"modified":"2023-10-23T12:46:09","modified_gmt":"2023-10-23T12:46:09","slug":"chevron-to-buy-hess-for-53-billion-in-stock-oil-mergers-are-surging","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=4610","title":{"rendered":"Chevron to Buy Hess for $53 Billion in Stock. Oil Mergers Are Surging."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Chevron
\n said Monday it agreed to buy fellow oil company
\n Hess
\n in an all-stock deal valued at $53 billion.\u00a0It\u2019s another major deal in the energy sector as rising crude prices are set to boost profits. <\/p>\n

\n Chevron
\n (ticker: CVX) said
\n Hess
\n (HES) shareholders would receive 1.025 Chevron shares in exchange for each of their own shares. <\/p>\n

\n

Hess shares were up 2.4% at $166.85 in premarket trading. Chevron shares were falling 2.7% at $162.40.\u00a0<\/p>\n

The deal values Hess shares at $171 each, based on Chevron\u2019s closing price on Friday.\u00a0The deal is valued at $53 billion, or $60 billion when including debt. <\/p>\n

The acquisition is the latest sign of consolidation in the oil-and-gas industry. Earlier this month, Exxon Mobil\u00a0(XOM) confirmed a deal to buy\u00a0Pioneer Natural Resources (PXD) for $64.5 billion, including debt, in an all-stock transaction.<\/p>\n

Hess has projects in the U.S. and overseas, including a 30% stake in a consortium focused on offshore projects in Guyana, where it works with
\n Exxon Mobil.<\/span>\n <\/p>\n

Chevron said that alongside the deal it expects to recommend an 8% increase to its first-quarter dividend per share to $1.63. It also intends to increase share repurchases by $2.5 billion to the top end of its guidance range of $20 billion a year, if oil prices remain strong. <\/p>\n

\u201cBuilding on our track record of successful transactions, the addition of Hess is expected to extend further Chevron\u2019s free cash flow growth,\u201d said Chevron Chief Finacial Officer Pierre Breber. <\/p>\n

The deal has been approved by the boards of both companies and is expected to close in the first half of 2024.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

Chevron said Monday it agreed to buy fellow oil company Hess in an all-stock deal valued at $53 billion.\u00a0It\u2019s another major deal…<\/p>\n","protected":false},"author":1,"featured_media":4611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-4610","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nChevron to Buy Hess for $53 Billion in Stock. 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