Chevron chairman and CEO Mike Wirth and Hess Corp. 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 b
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Chevron (CVX) agreed to buy Hess (HES) for $53 billion in an all-stock deal, in the latest blockbuster oil agreement amid broader industry consolidation.
Chevron (NYSE: CVX ) agreed to buy Hess (NYSE: HES ) for $53 billion as consolidation in the American oil patch continued. Yet CVX stock is down today on the news.
Chief executive John Hess said the deal adds oil fields in Guyana, including more than 11 billion barrels of oil equivalent.
Few sizable targets remain in the most coveted U.S. shale basin after the oil supermajors' mega acquisitions, setting off a scramble for what is left.
Chevron said it is buying Houston-based Hess in the second U.S. upstream mega-deal in just two weeks.
CNBC's Becky Quick reports on the latest news.
Shares of energy companies traded broadly lower in premarket trading Monday, as the Chevron Corp.'s $53 billion stock deal to buy Hess Corp. appeared to do more harm than good for the sector. The Ener
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-r

Chevron to acquire Hess in $53 billion deal

07:00am, Monday, 23'rd Oct 2023
Chevron Corporation is acquiring rival Hess Corporation in a $53-billion all-stock transaction that it says will upgrade and diversify its portfolio.
Third-quarter earnings season has only just begun and Morgan Stanley's pessimistic market strategist Mike Wilson is already labelling it a disappointment.
Chevron Corp plans to reward shareholders with further buybacks and higher dividends after unveiling the $53 billion acquisition of Hess.  The all-stock deal values each Hess share at $171 per shar
Hess Corp. stock HES, -1.84% rose 3% to $167.48 after Chevron said it would buy the company for $53 billion, or $171 per share, in stock. Chevron stock CVX, -1.34% fell by 2%.
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