Chevron To Buy Hess In $53 Billion Deal As Merger Mania Accelerates23 Oct 2023 17:19
“Chevron will buy Hess Corporation in an all-stock transaction valued at $53 billion in another mega deal in the oil industry that will give the U.S. supermajor exposure to Guyana's large offshore oil reserves.
The all-stock transaction is valued at $171 per share based on Chevron's closing price on October 20, 2023. The total enterprise value, including debt, of the transaction is $60 billion, Chevron said in a statement on Monday.
This is the second major deal in the U.S. oil industry announced this month. Earlier in October, ExxonMobil announced a deal to buy Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion. The implied total enterprise value of the transaction, including net debt, is around $64.5 billion.
As part of the Chevron-Hess agreement, Hess CEO John Hess is expected to join Chevron's Board of Directors.“
Another big deal in the US as M&A activity continues to run rampant…
Whether it be a JV or Takeover someone will want a piece of the assets COPL have in their possession…only 1bn+ barrels of oil under their land :)