XOM - Chevron Quickly Responds to ExxonMobil Buys Hess in a $60 Billion Deal
2023-10-24 05:36:00 ET
It didn't take Chevron (NYSE: CVX) long to respond to ExxonMobil 's (NYSE: XOM) $60 billion acquisition of Pioneer Natural Resources (NYSE: PXD) . Less than two weeks after Exxon unveiled its megamerger with Pioneer, Chevron signed an equally sizable merger deal with Hess (NYSE: HES) . The $60 billion acquisition will enhance and extend Chevron's production and free cash flow growth outlook into the 2030s.
Here's a look at the deal and how it will move the needle for Chevron in the coming years.
Chevron is buying fellow oil and gas producer Hess in an all-stock deal. It's paying $171 per share for Hess by exchanging 1.025 of its shares for each one of Hess. That values Hess' equity at $53 billion, while the merger's full value rises to $60 billion after the assumption of debt.
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Chevron Quickly Responds to ExxonMobil, Buys Hess in a $60 Billion Deal