Chief executive John Hess said the deal adds oil fields in Guyana, including more than 11 billion barrels of oil equivalent.
Topline
Chevron will acquire Hess Corporation as part of an all-stock transaction valued at $53 billion, the energy giant announced Monday, the second-largest deal by a major oil firm this month since a nearly $60 billion acquisition by Exxon Mobil nearly 2 weeks ago.Key Facts
The deal values Hess at $171 per share and will provide Hess shareholders with just over 1.02 shares of Chevron for each Hess share at the deal’s closing, according to a joint statement.
Chevron will acquire 30% ownership of more than 11 billion barrels of oil equivalent in Guyana, which Hess CEO John Hess called the “world’s largest oil discovery” in the last decade, in addition to 465,000 acres of assets in the Bakken Formation in North Dakota.
