Chevron to acquire Hess Corp for $53 billion in stock in latest oil megadeal
) in a deal valued at $53 billion or $171 per share, based on Chevron's closing price on October 20, 2023.
Under the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share, resulting in a total enterprise value of $60 billion, including debt. “This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron Chairman and CEO Mike Wirth.
The combined company is projected to achieve faster and more prolonged production and free cash flow growth compared to Chevron's current five-year guidance. John Hess is expected to join Chevron's Board of Directors as part of this transaction.
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