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☆ Chuck Schumer and Elizabeth Warren want FTC to probe blockbuster Exxon, Chevron mergers
▼ + stars: | 2023-11-01 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and nearly two dozen other Democrats are demanding federal regulators probe the mega takeovers inked last month by ExxonMobil and Chevron. Exxon, already America’s biggest oil company, reached a deal in October to buy rival Pioneer Natural Resources for $60 billion. In the letter, the Senate Democrats argue past mergers that helped create Exxon and Chevron “enabled anticompetitive coordination” that hurt consumers by limiting supply of oil. “The oil-and-gas industry is still dominated by a handful of corporate giants, led by the top-two players Exxon and Chevron. The Senate Democrats note that Pioneer owns more drilling acreage than any other Permian producer and Exxon is also a top producer there.

Persons: Chuck Schumer, Sen, Elizabeth Warren, Hess, Schumer, Sens, Bernie Sanders, Amy Klobuchar, Exxon, White, Michael Kikukawa, ” Organizations: New, New York CNN, ExxonMobil, Chevron, Federal Trade Commission, Oil, Exxon, Natural Resources, FTC, Democrats, CNN Locations: New York, Chevron, Warren

☆ US Senator Schumer urges FTC to probe Exxon, Chevron mega-deals
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Earlier this month, Exxon proposed to buy Pioneer Natural Resources (PXD.N) for $60 billion and Chevron agreed to acquire Hess (HES.N) for $53 billion. The Democratic Senate leader said in a letter that the two of the largest oil and gas deals of this century are "likely to harm competition." Chevron and Exxon have accumulated huge profits from strong energy prices and demand since Russia's invasion of Ukraine. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell (SHEL.L), BP (BP.L) and France's TotalEnergies (TTEF.PA) merged with rivals to create huge integrated companies. The acquisitions followed a collapse in oil prices that weakened many companies.

Persons: Dado Ruvic, Charles Schumer, Hess, Schumer, France's, Tanay Dhumal, Arunima Kumar Organizations: ExxonMobil, Pioneer, REUTERS, U.S, Wednesday, U.S . Federal Trade Commission, Exxon Mobil, Chevron Corp, Exxon, Natural Resources, Chevron, Democratic, Shell, BP, FTC, Big, Thomson Locations: Ukraine, United States, Bengaluru

WASHINGTON (AP) — Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump. “These deals are likely to harm competition, risking increased consumer prices and reduced output throughout the United States,'' the senators wrote. Chevron, Exxon and other oil companies have announced huge profits from strong energy prices and demand since Russia’s invasion of Ukraine in February 2022. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits. Environmental groups hailed the call for an investigation of what some called “merger mania” within the oil industry that threatens competition.

Persons: Chuck Schumer, Exxon's, Chevron’s, Minnesota Sen, Amy Klobuchar, Elizabeth Warren of Massachusetts, Bernie Sanders, Chevron, Hess, Lukas Ross, ”, ” API's Bethany Williams, Schumer Organizations: WASHINGTON, ExxonMobil, Chevron, Federal Trade Commission, Natural Resources, Hess Corp, Exxon, FTC, Resources, Big Oil, American Petroleum Institute, Senate Commerce, Science, Transportation Locations: United States, Minnesota, Sens, Vermont, Ukraine, Texas, U.S, New York

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. London-based BP has held talks in recent weeks with several companies about tying up operations in the Haynesville shale gas basin, the three sources said. BP is also considering creating joint ventures in the Eagle Ford basin, but the talks do not include its positions in the oil-rich Permian basin for now, two of the sources added. The rapid growth in U.S. shale oil and gas operations over the past 15 years has upended global markets, turning the U.S. into a major exporter of energy. By pursuing joint ventures, BP can achieve growth ambitions while avoiding spending billions on acquisitions.

Persons: Chris Helgren, Hess, Murray Auchincloss, Bernard Looney, Ron Bousso, David French, David Gregorio Our Organizations: BP, REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Eagle Ford, Lewis Energy, BHP, Interim, Thomson Locations: Vancouver , British Columbia, Canada, London, Eagle, U.S, Texas, Denver, New York

☆ Exxon names new shale oil chief to replace executive facing assault charge
▼ + stars: | 2023-10-30 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

Cahir has previously run Exxon's shale business including its XTO unit as senior vice president of Unconventional from July 2020 through April 2022. Unconventional is Exxon's term for shale oil and gas. That purchase will bring Exxon's shale output to 1.3 million barrels of oil and gas (boepd), more than a quarter of its overall production. Cahir led Exxon's Unconventional unit as senior vice president as Exxon implemented tough costs cuts following the collapse of oil and gas prices during the pandemic. NO PLEAFormer shale boss Scott appeared before a Texas judge last week on second-degree felony sexual assault.

Persons: Dado Ruvic, Bart Cahir, Cahir, Exxon Mobil's, David Scott, Scott, Dan Cogdell, Cogdell, Ken Paxton, Paxton, Sabrina Valle, Erwin Seba, David Gregorio, Jonathan Oatis Organizations: Exxon Mobil, REUTERS, Exxon, Pioneer, Solutions, Natural Resources, Exxon's, Texas, Thomson Locations: HOUSTON, Cahir, Midland, U.S, Delaware, Texas

☆ Jobs and earnings are major themes next week as we consider more portfolio moves
▼ + stars: | 2023-10-28 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

But in the end, it's fundamentals that drive earnings and earnings that drive stock prices. Looking ahead to next week, we'll get several important macroeconomic updates along with nine Club earnings reports. Economic releases Next week is Jobs Friday when we get the government's monthly nonfarm payrolls report. Club stock earnings Club name Caterpillar (CAT) reports third-quarter results before the opening bell Tuesday. DuPont (DD) is set to report earnings.

Persons: it's, we'll, nonfarm payrolls, We'll, Estee Lauder, Eli Lilly, BUD, Jerome Powell, Kraft Heinz, WEN, Papa John's, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Caterpillar, GE Healthcare, DuPont, Bausch Health, Starbucks, Apple Watch, VF Corp, GE HealthCare, Pfizer, JetBlue, Anheuser, Busch InBev, Devices, Caesars Entertainment, Cruise, CVS Health, Brinker International, Yum Brands, PayPal, Qualcomm, Mondelez, Novo Nordisk, Barrick, Penn Entertainment, Paramount Global, Marriott, Ferrari, Molson Coors, TAP, Coinbase, Natural Resources, Booking Holdings, International, Monster Beverage, Health, Resources, Dwight, Restaurant Brands, Sempra Energy, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange Locations: North America, China, New York City, U.S

☆ We had a busy week of trades in an oversold market. Here's the day-by-day breakdown
▼ + stars: | 2023-10-27 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Elevated bond yields and geopolitical uncertainty continued to be negative for stocks this week as the overall market moved into oversold territory. The closely followed S & P 500 Short Range Oscillator first flashed oversold Monday and went deeper and deeper into oversold territory as the week went along. ORCL YTD mountain Oracle YTD However, shares fell on worries that cash flows from AI workloads would be further out in the future. CTRA YTD mountain Coterra Energy YTD We bought 200 more shares of Coterra Energy (CTRA). META YTD mountain Meta Platforms YTD We also on Thursday decided to upgrade Meta Platforms (META) to our buy-equivalent 1 rating as the stock riding a two-day losing streak.

Persons: Jim Cramer, Jim Cramer's, Jim, Squawk, Virginia Sherwood Organizations: Treasury, Oracle, Constellation Brands, Constellation, Coterra Energy, Natural Resources, Exxon Mobil, CNBC Locations: oversold, Danaher

☆ Chevron and Exxon's latest buys could usher in a new era of oil megamergers
▼ + stars: | 2023-10-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Energy heavyweights Chevron and Exxon Mobil announced shiny new acquisitions this month — and some industry watchers say it could be the start of more multibillion megadeals to come. Chevron on Monday said it's buying Hess for $53 billion in stock, allowing Chevron to take a 30% stake in Guyana's Stabroek Block — estimated to hold some 11 billion barrels of oil. The announcement comes just weeks after Exxon Mobil announced its purchase of shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal. While this marks Exxon's largest deal since its acquisition of Mobil, the merger would also double the oil giant's production volume in the largest U.S. oilfield, the Permian Basin. "The big-money acquisition of Hess by Chevron accelerates the trend of consolidation and big-money deals," energy consultancy Rystad Energy said in a note.

Persons: it's, Hess Organizations: Energy, Chevron, Exxon Mobil, Natural Resources, Mobil, Hess, Rystad Energy, Exxon, Pioneer Locations: Guyana

Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. Those takeovers, alongside a nascent revival in initial public offerings (IPOs), should bolster investment banking revenues next year. Global investment banking revenue stood at $50 billion in the first three quarters of this year, 20% below the same period in 2022, according to Dealogic. Investment banking revenue will probably rise 5% to 10% next year for the largest banks, according to Mike Mayo, an analyst at Wells Fargo.

Persons: Peter Orszag, Lazard, Mike Blake, dealmaking, Orszag, Morgan Stanley's, Ted Pick, Morgan Stanley, Dealogic, Mike Mayo, Jane Fraser, Fraser, Jana Partners, Brian Moynihan, Goldman Sachs, David Solomon, Tatiana Bautzer, Lananh Nguyen, Svea Herbst, Bayliss, Megan Davies, David Gregorio Our Organizations: Financial Advisory, Milken, Global Conference, REUTERS, Wall, Exxon Mobil, Chevron CVX.N, Reuters, CNBC, Global, Investment, Wells, Citigroup, Exxon, Natural Resources, Barclays, News Corp, Frontier Communications, Bank of, Svea, Thomson Locations: Beverly Hills , California, U.S, dealmaking, Ukraine, East, Wells Fargo

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Exxon Mobil Corp. earned $9.07 billion, or $2.25 per share in the period. Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street's estimate of $89.29 billion. Exxon also announced Friday that it raised its fourth-quarter dividend to 95 cents per share from 91 cents per share. Exxon shares are up slightly before the open bell, while shares of Chevron are down more than 2%.

Persons: Exxon isn't, Darren Woods, “, Exxon Organizations: Exxon Mobil’s, Exxon, Chevron, Hess, Exxon Mobil Corp, Zacks Investment Research, Natural Resources, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Texas, New Mexico, San Ramon , California, Ukraine, Saudi Arabia, Russia, Israel, Gaza, U.S, Syria

☆ Exxon Mobil third-quarter profit falls compared with last year's record numbers, but refineries are strong
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +3 min

Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020. Exxon Mobil 's third-quarter profit declined compared with last year when the oil giant was put up record numbers due to soaring crude prices, but net income was up 15% compared with the previous quarter. Exxon Mobil earned $9.07 billion, or $2.25 per share, in the period. The company posted unprecedented profits last year of $55.7 billion, breezing past its previous record of $45.22 billion in 2008 when oil prices hit record highs. While attacks on Israel do not disrupt global oil supply, according to an analysis by the U.S Energy Information Administration, "they raise the potential for oil supply disruptions and higher oil prices."

Persons: Exxon isn't, Darren Woods Organizations: Exxon Mobil Corp, Exxon Mobil, Exxon, Natural Resources, Chevron, Hess, Zacks Investment Research, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Arlington , Virginia, U.S, Texas, New Mexico, Ukraine, Saudi Arabia, Russia, Israel

☆ Oil giants’ wavering discipline
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. The two companies reported somewhat similar results on Friday, with the $420 billion Exxon earning $9.1 billion, and the $279 billion Chevron making $6.5 billion. With more than $110 billion in acquisitions between the two of them, investors might wonder where they will slot in. Exxon returned over $8 billion to investors and Chevron $6 billion, and right now that’s not at the expense of their balance sheets. Over the past decade both stocks have sharply underperformed the S&P 500 Index (.SPX) as they’ve grown their positions dramatically.

Persons: Dado Ruvic, Hess, Robert Cyran, Lauren Silva Laughlin, Sharon Lam Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Exxon, Pioneer Natural Resources, X, Investors, Unilever, Thomson

(AP) — Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months. Buffett's company said in a Securities and Exchange Commission filing late Wednesday that it invested more than $246 million to add to its already massive Occidental stake over the first three days of this week. Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it more than 228 million shares and control of nearly 26% of Occidental. Berkshire's Occidental stake is now worth more than $14.4 billion. In addition to the common Occidental shares Berkshire owns, it also holds 84,897 preferred shares of Occidental that it picked up in 2019 when it helped finance Occidental’s acquisition of Anadarko.

Persons: Warren Buffett, Buffett Organizations: —, Berkshire, Occidental Petroleum, Securities and Exchange Commission, Occidental, Chevron, Hess Corp, Exxon Mobil, Natural Resources, Buffett, Exxon, Berkshire's, Apple, Bank of America, BNSF Locations: OMAHA, Neb, Houston, Occidental, Berkshire, United States, Berkshire's Occidental, Anadarko . Berkshire, Omaha , Nebraska

☆ Europe’s oil majors are stuck as M&A party-poopers
▼ + stars: | 2023-10-26 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Oil pump jack is seen in front of displayed U.S. dollar banknote and decreasing stock graph in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 26 (Reuters Breakingviews) - Back in June the boss of $220 billion UK oil major Shell (SHEL.L), Wael Sawan, told investors mergers and acquisitions were not his priority. The decision of $430 billion Exxon Mobil (XOM.N) and $295 billion Chevron (CVX.N) to acquire $60 billion Pioneer Natural Resources (PXD.N) and $53 billion Hess (HES.N) respectively ought to change the game. But it would remain a stretch for either to ape their U.S. peers and buy a big oil group. Hess investors will receive 1.025 shares of Chevron for each share held, worth $171 per share based on the closing price on Oct. 20.

Persons: Dado Ruvic, Wael Sawan, Hess, Murray Auchincloss, Patrick Pouyanné, ’, Shell, Neste, Warren Buffett’s, Pouyanné, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Exxon, Shell, Occidental Petroleum, Exxon Mobil’s, Thomson Locations: Finnish, Denmark, U.S, Occidental

☆ Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals
▼ + stars: | 2023-10-26 | by ( David French | ) www.reuters.com time to read: +2 min

CrownRock's investment bankers have asked interested parties to submit initial offers next week, two of the sources added. Diamondback Energy (FANG.O), Devon Energy (DVN.N), Marathon Oil (MRO.N) and Continental Resources are also studying potential bids for CrownRock, the sources said. The company is led by Texas billionaire businessman Timothy Dunn and backed by private equity firm Lime Rock Partners. Bloomberg News reported last week that Devon was considering a bid for CrownRock, and that Devon has also held preliminary talks about a tie-up with Marathon. Reporting by David French in New York; Editing by Greg Roumeliotis and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CrownRock, Timothy Dunn, Conoco, Devon, David French, Greg Roumeliotis Organizations: ConocoPhillips, REUTERS, Houston, Exxon Mobil Corp, Chevron Corp, Diamondback Energy, Devon Energy, Continental Resources, CrownRock, Marathon Oil, Continental, Diamondback, Exxon, Natural Resources, Chevron, Hess Corp, Lime Rock Partners, EOG Resources, Devon, Bloomberg News, Marathon, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Texas, Conoco, Devon, Midland, Marathon, New York

We're buying 200 shares of Coterra Energy (CTRA) at roughly $28 each. Following Thursday's trade, Jim Cramer's Charitable Trust will own 1950 shares of CTRA, increasing its weighting to about 2% from 1.83%. CTRA 1M mountain Coterra Energy 1-month Coterra Energy is an exploration and production company that is roughly split evenly between oil and natural gas . More importantly, the reason to own Meta stock has not changed as it has effectively leveraged AI to increase engagement on its platforms as well as monetization. An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022.

Persons: Jim Cramer's, We've, Exxon Mobi, we've, BOE, Hess, Coterra, Mark Zuckerberg's, Jim Cramer, Jim, Joe Raedle Organizations: Coterra Energy, CTRA, Natural Resources, Exxon, Coterra, Chevron, Reality Labs, Meta, CNBC, Getty Locations: Odessa , Texas

But a couple of the world’s largest oil companies beg to differ – or at least for the future that extends out about three decades. This month, Exxon Mobil and Chevron have together bet heavily on a future their CEOs think will still need a lot of black gold. Hess also has considerable oil and gas assets in the U.S., including the Bakken area of western North Dakota, eastern Montana and southern Saskatchewan in Canada. But equally critical, the moves are important statements that the age of oil remains, despite the release on Tuesday of the annual world energy outlook from the International Energy Agency that forecasts global demand for fossil fuels will peak in 2030. Although he has championed many green energy policies, President Joe Biden also has done little to block the advancement of domestic oil and gas production.

Persons: Hess, ” Chevron, “ Hess, ”, Dan Pickering, we’re, it’s, ’ –, Fatih Birol, Mike Wirth, “, Pickering, Joe Biden Organizations: White, Exxon Mobil, Chevron, Natural Resources, Republican Party, “ Investors, Pickering Energy Partners, Hamas, International Energy Agency, Financial Times, French, U.S . Energy, Administration, Republicans Locations: Brussels, Chevron, U.S, Guyana, North Dakota, Montana, Saskatchewan, Canada, Texas, New Mexico, Saudi Arabia, Russia, Israel, Iran, Europe

TOKYO (AP) — Shares mostly rose Tuesday in Asia after Wall Street wobbled to a mixed close as yields on U.S. Treasury bonds fell back after creeping above 5%. Political Cartoons View All 1215 ImagesHong Kong's Hang Seng dropped 0.8% to 17,033.00, while the Shanghai Composite advanced 0.8% to 2,963.70. Lower bond yields tend to most help stocks of companies promising big growth far in the future or those seen as the most expensive. Treasury yields help dictate how much investors pay for everything from stocks to corporate bonds to cryptocurrencies. While worries about higher Treasury yields and the war in Gaza are weighing on markets, strong corporate profits and the resilient U.S. economy have helped to offset such pressures.

Persons: Sydney's, Korea's Kospi, Hang Seng, Taiex, Brent, it's, Hess Organizations: TOKYO, —, Wall, Treasury, Nikkei, Shanghai, Dow Jones, Nasdaq, Nvidia, Microsoft, Federal Reserve, New York Mercantile Exchange, Energy, Chevron, Exxon Mobil, Natural Resources, Apple, Technology, General Motors, U.S . Locations: Asia, Tokyo, Sydney, Seoul, Shanghai, Taiwan, Hong Kong, Israel, U.S, Gaza, Iran

☆ Analysis: Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

Since our shareholders are getting Chevron stock, we get to participate in the upside, and also get a higher dividend," he said. He added that Hess shareholders who keep their shares in their combined company will see their dividend rise from $1.75 to $6 per share following the close of the deal. Exxon and Chevron are keen on these deals because they want to avoid the risk of exploring unproven reserves as oil and gas become scarcer. Exxon and Chevron had $29.5 billion and $9.3 billion in cash, respectively, as of the end of June. Keeping dividends and share buybacks strong helps compensate existing Exxon and Chevron shareholders for the dilution incurred in the all-stock acquisitions.

Persons: Hess, John Hess, Andrew Dittmar, David French, Greg Roumeliotis, Marguerita Choy Organizations: Exxon Mobil, Chevron, Exxon, Natural Resources, PDC Energy, Noble Energy, Morningstar, Anadarko, Occidental Petroleum, Thomson Locations: Ukraine, U.S, Guyana, New York

☆ CNBC Daily Open: Oil deals and awaiting tech earnings
▼ + stars: | 2023-10-24 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Investors awaited the release of corporate earnings from tech giants including Alphabet and Microsoft. Another oil mega-mergerChevron on Monday said it agreed to buy Hess for $53 billion in stock.

Persons: Hess, Tesla, Elon, Goldman Sachs Organizations: New York Stock Exchange, CNBC, Nasdaq, Microsoft, European Central, Chevron, U.S, Exxon Mobil, Natural Resources, Exxon, Nvidia, Arm Holdings, Reuters, Intel, Devices, U.S . Department of Justice, Elon Musk's, Federal Reserve Locations: New York City, Guyana

☆ Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
▼ + stars: | 2023-10-24 | by ( David French | ) www.reuters.com time to read: +5 min

☆ Chevron and Exxon Might Have Kicked Off an Oil Land Grab
▼ + stars: | 2023-10-23 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

The smell of mergers and acquisitions is in the air following more than $110 billion worth of oil megadeals this month— Chevron ’s agreement to buy Hess and Exxon Mobil’s deal for Permian giant Pioneer Natural Resources . Who’s next? Deal talks are already under way. Devon Energy , another top Permian producer, is said to be eyeing targets that include Marathon Oil and CrownRock , according to a report from Bloomberg. Gas producer Chesapeake Energy is reportedly considering an acquisition of Southwestern Energy , according to Reuters.

Persons: Who’s Organizations: Chevron, Hess, Exxon, Natural Resources, Devon Energy, Marathon, Bloomberg . Gas, Chesapeake Energy, Southwestern Energy, Reuters

☆ 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

☆ Watch CNBC's full interview with Chevron CEO Mike Wirth and Hess CEO John Hess
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Chevron CEO Mike Wirth and Hess CEO John HessChevron CEO Mike Wirth and Hess CEO John Hess join 'Squawk on the Street' to discuss Chevron's deal to buy Hess for $53 billion in stock, the second proposed mega-merger among the biggest U.S. oil players after Exxon Mobil bid $60 billion for Pioneer Natural Resources earlier this month.

Persons: Mike Wirth, Hess, John Hess Chevron, John Hess Organizations: Chevron, U.S, Exxon Mobil, Natural Resources

NEW YORK (AP) — Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The boards of both companies have approved the Hess deal, which is targeted to close in the first half of next year. Shares of Chevron Corp., based in San, Ramon, California, declined more than 3% before the opening bell Monday.

Persons: Hess, China’s CNOOC, John Hess Organizations: Chevron, Hess Corp, Exxon Mobil, Natural Resources, China’s, Hess, Chevron Corp Locations: Russia, Ukraine, Guyana, North Dakota, American, Qatar, United States, Mexico, Norway, South America, Australia, San, Ramon , California, New York City

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