HOUSTON (Reuters) -Chevron agreed to buy U.S. rival Hess for $53 billion in stock in a deal that reflects top U.S. energy companies drive for oil and gas...
Ongoing sell-off in bonds and worries about Isreal-Hamas war escalation are weighing on the market, as it waits for Big Tech earnings.HOUSTON -Chevron agreed to buy U.S. rival Hess for $53 billion in stock in a deal that reflects top U.S. energy companies drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.
The recent deals are a financial flex by U.S. oil and gas companies that kept investing in fossil fuels as European rivals turned their attention to renewable fuels. Chevron and Exxon used soaring profits from strong energy prices and demand since Russia's invasion of Ukraine. Chevron's shares were trading 2.3% lower and Hess was off a fraction in premarket trading. RBC analysts said they were surprised by the deal timing, and had expected Chevron to bide its time after Exxon's mega deal for Pioneer.
The deal reflects about a 5% premium to Hess's trading price. The combined companies expect to generate about $1 billion in cost synergies within a year of its closing, said Wirth. Chevron Corp said on Monday it will buy smaller rival Hess Corp in a $53-billion all-stock deal, as the oil major looks to increase its footprint in oil-rich Guyana. The deal puts two of the top oil giants, Chevron and Exxon Mobil, head-to-head in two of the world's fastest growing oil basins - shale and Guyana.
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