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☆ Exxon Raises Questions About Chevron’s $53 Billion Deal for Hess
▼ + stars: | 2024-02-27 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess Corp. for $53 billion, announced in October. With just 800,000 people, Guyana, long one of Latin America’s poorest countries, is now being compared to Qatar, the natural gas-rich Persian Gulf emirate. Exxon has raised concerns over Chevron’s effort to gain entry to this petroleum bonanza through a proposed purchase of Hess’s 30 percent stake in Stabroek. Exxon owns 45 percent of Stabroek and is the operator or manager of the area.

Organizations: Exxon Mobil, Chevron, Hess Corp, Exxon Locations: Guyana, Latin America, Qatar, Stabroek

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ Chevron to Buy Hess for $53 Billion
▼ + stars: | 2023-10-23 | by ( Collin Eaton | Peter Stiff | ) www.wsj.com time to read: 1 min

Chevron also said that it would boost returns to shareholders. Photo: Philip Gostelow/Bloomberg NewsChevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil ’s deal to buy Pioneer Natural Resources . The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.

Persons: Philip Gostelow, Hess Organizations: Chevron, Bloomberg, Exxon Mobil ’, Natural Resources, Exxon Locations: U.S, Guyana, North Dakota, Chevron, Gulf of Mexico, Southeast Asia

☆ Chevron’s $53 billion deal is risky Exxon copycat
▼ + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.

Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico

☆ Errol Morris Did Not Like This Q&A About His le Carré Film
▼ + stars: | 2023-10-08 | by ( David Marchese | ) www.nytimes.com time to read: +12 min

Talk Errol Morris Did Not Like This Q&A About His le Carré FilmJohn le Carré’s spy novels traffic in the philosophical, emotional and practical ambiguities complicating concepts like truth, deceit and self-awareness. “The reason that I made ‘The Pigeon Tunnel,’” he said about le Carré, “is that he is interested in philosophical questions. I say to le Carré that for him the world divides into two groups: string-pullers and dupes. Mark Lipson, via Fourth Floor ProductionsWhat does John le Carré say about your position as an interviewer at the beginning of the film? I have a question about this idea that le Carré has: that the world divides into string-pullers and dupes.

Persons: Errol Morris, John le Carré’s, David Cornwell, Morris, ”, le, John le Carré, Igor Martinovic, le Carré, I’m, —, “, Rudolf Hess’s, Robert McNamara, You’ve, ” —, Louise, Geez Louise, someone’s, Satan, Mark Lipson, Barack Obama’s, you’re, you’ve, David Cornwell’s, coy, Godard, It’s, David, Cornwell, Errol, David Marchese, Alok Vaid, Menon, ordinariness, Joyce Carol Oates, Robert Downey Jr Organizations: Apple, Sony Pictures, Everett, Whitney Biennial, Marvel Locations: British

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