Chevron to Acquire Hess in $53 Billion Deal to Gain Guyana and Bakken Assets
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Chevron is acquiring Hess Corp. for $53 billion amid high oil prices and industry consolidation.
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The deal adds Hess's assets in Guyana, a major new oil producing country, and the Bakken shale in North Dakota.
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Chevron says the deal will increase its cash flow, dividends, and share buybacks.
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The acquisition is all-stock and values the total deal including debt at $60 billion.
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Hess CEO John Hess and his family are major shareholders and he will join Chevron's board after the deal closes in 2023.