Chevron Corp said on Monday it would buy smaller rival Hess Corp in a $53 billion all-stock deal, taking its rivalry with Exxon Mobil to the next level by...
LONDON - Chevron Corp said on Monday it would buy smaller rival Hess Corp in a $53 billion all-stock deal, taking its rivalry with Exxon Mobil to the next level by boosting its presence in U.S. shale and oil-rich Guyana.
In the end, Chevron walks away with a stronger, more diversified portfolio, which should bode well for shareholders over the long term, but in the near term, the news could weigh on the shares.Chevron will be the junior partner in Guyana – an asset where it currently owns complementary assets in neighbouring Suriname and Venezuela.
Guyana is on track to have more than 1 million barrels per day of production capacity by 2026. At that point, Guyana would likely exceed neighboring Venezuela for oil production. Back then, the super majors were consolidating to drive costs lower. Today, the companies being acquired today like Hess and Pioneer Natural Resources have more concentrated asset bases and expertise built in developing specific resources.Elon Musk acted like a 'little baby' and was 'almost in tears' on Tesla's 'terrible' earnings call, analyst says
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