A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022.
The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana...
Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio.
On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States.
The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.
Persons:
Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter
Organizations:
Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $
Locations:
Guyana, Chevron, North Dakota, United States, North America