Chevron completed its $53 billion acquisition of Hess Corporation after nearly two years.
“This merger of two great American companies brings together the best in the industry,” Chevron Chairman and CEO Mike Wirth declared. “The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders.”
Similarly, former Hess Corporation CEO John Hess said the company is “proud of everyone at Hess for building one of the industry’s best growth portfolios including Guyana, the world’s largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer.” He added, “The strategic combination of Chevron and Hess creates a premier energy company positioned for the future.”
The acquisition, announced in October 2023, “upgrades and diversifies Chevron’s already advantaged portfolio,” Chevron said at the time. “The Stabroek block in Guyana is an extraordinary asset with industry leading cash margins and low carbon intensity that is expected to deliver production growth into the next decade.”
With the acquisition, Chevron now owns a “30% position in the Guyana Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered recoverable resource; 463 thousand net acres of high-quality inventory in the Bakken; complementary assets in the Gulf of America with 31 thousand barrels of oil equivalent per day; and natural gas assets in Southeast Asia with 57 thousand barrels of oil equivalent per day,” the company explained.
