Chevron Completes Acquisition of Hess Corporation

Details

The merger was finalized following the satisfaction of all necessary closing conditions, including a favorable arbitration outcome. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share, and Chevron intends to issue approximately 301 million shares in connection with the transaction. The combined company is expected to achieve significant free cash flow and production growth, with Chevron targeting $1 billion in annual run-rate cost synergies by the end of 2025. The transaction benefits include increased estimated five-year production and free cash flow growth rates, expected to extend into the next decade. Chevron will provide updated financial and operational information at its Investor Day on November 12.

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About Chevron Corporation

Chevron Corporation is an integrated energy company operating globally in the exploration, production, and transportation of crude oil and natural gas. Its primary function is to harness energy resources, converting them into products essential for modern life. Chevron covers upstream operations such as oil exploration and drilling, and downstream processes including refining, distribution, and marketing of refined petroleum products. Additionally, Chevron invests in renewable energy projects, aiming to create a balanced energy portfolio. As one of the major players in the oil and gas industry, Chevron significantly impacts sectors including manufacturing, transportation, and energy production. Headquartered in San Ramon, California, this multinational corporation plays a pivotal role in meeting global energy demands and contributes to shaping future energy policies.