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Hess

All articles tagged with #hess

business5 months ago•9 min saved

Clause Sparks Personal Feud Between Exxon and Chevron

A 20-month feud between Exxon and Chevron over a contract clause related to a major offshore oil discovery in Guyana escalated into arbitration, threatening Chevron's $53 billion acquisition of Hess. The dispute centered on the interpretation of a right-of-first-refusal clause in a joint operating agreement, with Exxon asserting its rights and Chevron and Hess defending their interpretation. After prolonged legal and regulatory battles, Chevron's acquisition was ultimately completed in early 2025, ending the dispute.

via Fortune|

#business #chevron #contract-dispute

business5 months ago•9 min saved

Exxon-Chevron Dispute Ignited by Personal Clause

A legal dispute over a contract clause between Exxon and Chevron over the Guyana oil field nearly derailed Chevron's $53 billion acquisition of Hess, but ultimately Chevron's takeover was completed after arbitration ruled in favor of Hess and Chevron, ending a 20-month feud that highlighted the complexities of oil industry negotiations and legal interpretations.

via Bloomberg.com|

#business #chevron #contract-dispute

business5 months ago•2 min saved

Block and Robinhood Eye S&P 500 Inclusion Amid Market Shifts

Robinhood and AppLovin, two of the largest U.S. companies by market cap not yet in the S&P 500, could be added following Hess's departure due to Chevron's acquisition, with speculation increasing as the index's composition is updated.

via Barron's|

#applovin #business #hess

business5 months ago•3 min saved

Chevron Completes Hess Acquisition After Winning Exxon Dispute

Chevron successfully won an arbitration case against Exxon Mobil, allowing it to complete its $53 billion acquisition of Hess, which enhances Chevron's oil assets and narrows its gap with Exxon. The deal, delayed by legal disputes over Hess's stake in Guyana, was finalized after Chevron's victory, boosting its stock and strategic position in the industry.

via Bloomberg|

#business #chevron #exxon

business5 months ago•9 min saved

Chevron's $53 Billion Acquisition of Hess Moves Forward

Chevron has completed its acquisition of Hess Corporation, creating a leading integrated oil and gas company with a diversified global portfolio, including assets in Guyana and the Bakken shale, and expects to generate significant free cash flow and growth into the 2030s, with cost synergies of $1 billion annually by 2025.

via Chevron|

#acquisition #business #chevron

business5 months ago•3 min saved

Market Highlights: Netflix, Chevron, Hess, and Key Movers in Focus

Stock futures rose as Wall Street remained optimistic about the U.S. economy, with notable gains in Netflix, Norfolk Southern, Amex, Hess, and other companies, driven by strong earnings reports and strategic developments, despite some stock declines and ongoing market uncertainties.

via Barron's|

#amex #business #hess

business1 year ago•2 min saved

"Chevron and ConocoPhillips Drive Major Oil Mergers"

Chevron is acquiring Hess for $53 billion, and ConocoPhillips is buying Marathon Oil for $22.5 billion, as consolidation in the oil sector continues amid high crude prices. These deals are expected to significantly boost the sales and portfolios of both Chevron and ConocoPhillips, though they still require regulatory approvals.

via Yahoo Finance|

#business #chevron #conocophillips

energy1 year ago•2 min saved

Hess Shareholders Approve $53B Chevron Merger

Shareholders of Hess have approved its $53 billion sale to Chevron, pending regulatory approval and arbitration with ExxonMobil. ConocoPhillips is set to acquire Marathon Oil in a $17.1 billion all-stock deal, expanding its domestic footprint. Both deals signify major consolidations in the energy sector.

via Yahoo Finance|

#acquisition #chevron #conocophillips

energy-and-environment1 year ago•2 min saved

Hess Shareholders Approve $53B Chevron Takeover Amid Exxon Dispute

Hess shareholders have approved a $53 billion sale of the company to Chevron, which includes a valuable stake in an Exxon Mobil-led oil project in Guyana. However, the deal faces legal challenges as Exxon contests the sale, arguing it has the right to buy Hess's stake. The dispute is currently in arbitration, and a decision may not come until next year.

via The New York Times|

#chevron #energy-and-environment #exxon-mobil

business1 year ago•3 min saved

Hess Shareholders Approve $53 Billion Chevron Merger

Hess shareholders have approved a $53 billion merger with Chevron, allowing the latter to gain significant assets in Guyana. The deal still requires regulatory approval and must resolve an arbitration dispute with Exxon and CNOOC, who claim a right of first refusal on Hess's Guyana assets. The merger is expected to provide Chevron with strategic growth opportunities and mitigate geopolitical risks.

via Yahoo Finance|

#business #chevron #guyana

finance2 years ago•1 min saved

Chevron's Slump Trims $6.5B from Hess Shareholders' Deal

Chevron's post-earnings selloff caused a $6.5 billion reduction in the value of its all-stock offer for Hess Corp. The slump in Chevron's stock price was due to a significant profit miss, primarily driven by weak overseas refining results. As a result, the deal premium for Hess investors decreased from 10% to 3.1%. However, the deal is not at risk, and once finalized, Hess investors will have a liquid stock supported by a strong buy-back program.

via Yahoo Finance|

#chevron #deal #finance

business2 years ago•3 min saved

"Predicting Oil Deals: Insights from Chevron's Mega Acquisition and Exxon's Latest Buys"

Energy fund manager Danilo Onorino predicts that the wave of mergers and acquisitions in the oil industry is not finished yet, with large companies like Chevron and Exxon Mobil making opportunistic bolt-on acquisitions instead of transformational ones. Onorino believes that buying existing oil companies in the market is more profitable than starting new projects, as it reduces execution risk and takes advantage of lower-cost assets. He suggests that ConocoPhilips, Williams Cos., Diamondback Energy, and Occidental Petroleum could be potential targets for future acquisitions. Onorino also highlights the risk of lower oil prices and demand due to the rise of electric vehicles and renewable energy.

via MarketWatch|

#business #chevron #energy-transition

business2 years ago•0 min saved

"Chevron-Hess Merger Sparks Bull Market in Oil and Gas"

The recent tie-up between Chevron and Hess is seen by dealmakers as the beginning of an "arms race" in the oil industry, with more mergers and acquisitions expected as companies seek to gain leverage and competitive advantage in a challenging market.

via Financial Times|

#business #chevron #competition

business2 years ago•0 min saved

Chevron's $53 Billion Acquisition of Hess Creates Oil Megadeal

Chevron has announced its plans to acquire Hess in an all-stock deal worth $53 billion, following Exxon Mobil's recent deal with Pioneer Natural Resources. This consolidation among oil-and-gas companies highlights the industry's continued reliance on fossil fuels, with Chevron aiming to upgrade and diversify its portfolio by entering into an Exxon-led partnership in Guyana and acquiring additional U.S. shale assets in North Dakota.

via The Wall Street Journal|

#business #chevron #consolidation

business2 years ago•4 min saved

Chevron's $53 Billion Acquisition of Hess Marks Major Oil Industry Power Shift

Chevron has announced its agreement to acquire rival oil company Hess in an all-stock deal valued at $53 billion, marking further consolidation in the energy industry. This acquisition follows Exxon Mobil's recent $60 billion purchase of Pioneer Natural Resources, highlighting the confidence of large oil companies in the future of fossil fuels. The deal includes Hess's investment in offshore Guyana, which is producing 400,000 barrels a day and is expected to triple by 2027. Chevron will also gain Hess's shale fields in North Dakota, offshore production in the Gulf of Mexico, and a natural gas business in Southeast Asia.

via The New York Times|

#business #chevron #consolidation