(Bloomberg) -- Chevron Corp. agreed to buy Hess Corp. for $53 billion, a deal aimed at boosting production growth as the US oil industry bets on an enduring ...
-- Chevron Corp. agreed to buy Hess Corp. for $53 billion, a deal aimed at boosting production growth as the US oil industry bets on an enduring future for fossil fuels.In an all-stock transaction, Chevron will pay $171 per share for Hess, a premium of about 10% to the 20-day average price, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a total enterprise value of $60 billion, including debt.
This is the second major deal in the US oil industry in just a few weeks. Exxon Mobil Corp. has agreed to buy shale-oil producer Pioneer Natural Resources Co. for $58 billion, underpinning a bet that oil and gas will remain central to the world’s energy mix for decades to come. Hess bought its first oil tanker in 1948, built an oil refinery in 1957, and in 1960 opened the first of its iconic green and white gas stations that would become a common sight across the US northeast. By the time Leon Hess retired in 1995, he had built a multinational with assets in the North Sea, Alaska and the Caribbean.
Morgan Stanley & Co. LLC is lead financial adviser to Chevron, along with Evercore. Goldman Sachs & Co. LLC is acting as lead financial adviser to Hess, along with JP Morgan Securities LLC.The Ozempic Effect Is Coming for Everything From Kidney to Heart Disease TreatmentsUPDATE 2-Chevron to buy Hess Corp for $53 bln in all-stock deal
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