In the second major oil mega-deal in less than a month, Chevron said Monday it will pay $53 billion for Hess Corporation.
Chevron said it will pay $171 per share for New York-based Hess, with investors getting 1.025 shares of Chevron for each of its Hess holdings. Based on Hess's Friday closing price, the deal values the group at around $53 billion.
“This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron Chairman and CEO Mike Wirth. “Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon.
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Chevron to acquire Hess Corp. in $53 billion all-share dealBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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